News EditorSolicitors Journal

Deadline to report frozen assets looms

Deadline to report frozen assets looms

Anyone holding frozen assets has until 15 October to report to the Office of Financial Sanctions Implementation

Solicitors have just a few more days to check the latest HM Treasury consolidated list of asset freeze targets to ensure they do not hold client monies that are subject to financial sanctions.

Anyone holding frozen assets has until 15 October to submit a report to the Office of Financial Sanctions Implementation (OFSI).

Sanctions are an important foreign policy and national security tool. Solicitors and other legal professionals are required to comply with financial sanctions in place in the UK and report frozen assets to OFSI immediately.

Juliet Oliver, SRA general counsel, said: "Solicitors should be aware of their obligations under financial sanctions legislation and make sure they are not helping anyone with dubious funding streams. This risk exists for every single solicitor and law firm, whether conveyancing on the high street or handling global transactions.

"We would urge all of you to look at the review and, if a client is listed and you hold any of their assets, make a report as necessary."

Completed reports should be emailed to ofsi@hmtreasury.gov.uk using the template on the gov.uk website.

AdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisement
Latest News

Legal job numbers increase but applications decline

Fri Sep 29 2023

BARBRI candidates outperform SRA average by 13%

Fri Sep 29 2023

Justice delayed as thousands of cases wait more than two years to be heard

Thu Sep 28 2023

Solicitors warned over immigration services

Thu Sep 28 2023

New report highlights the transformative effects of domestic abuse training on family lawyers

Wed Sep 27 2023

Asylum seekers stranded on Diego Garcia win challenge against return to Sri Lanka

Wed Sep 27 2023

UN and coalition of NGOs write to Unilever to voice deep concern regarding victims of violence at Unilever tea plantation

Tue Sep 26 2023

Live Facial Recognition: How to Stay Within the Law

Tue Sep 26 2023

Ethics Institute launches taskforce to examine legal services to oligarchs and kleptocrats

Mon Sep 25 2023
FeaturedThe Law Society intervention ensures liberal approach to dealing with concurrent problems on legal aid
The Law Society intervention ensures liberal approach to dealing with concurrent problems on legal aid
Jeanne Kelly elected President of the British Irish Chamber of Commerce
Jeanne Kelly elected President of the British Irish Chamber of Commerce
Families continue to be victims of a broken justice system
Families continue to be victims of a broken justice system
Call for compensation scheme extension to help more abuse survivors
Call for compensation scheme extension to help more abuse survivors
SJ Interview: Hannah Ambrose
SJ Interview: Hannah Ambrose
Whose human rights are more important, yours or mine?
Whose human rights are more important, yours or mine?