The new sanctions aim to encourage Russia to cease destabilizing actions that compromise or threaten the territorial integrity, sovereignty or independence of Ukraine.
All companies regulated by the Solicitors Regulation Authority (SRA) must have appropriate policies in place to ensure that they comply with sanctions legislation.
This includes performing regular and appropriate sanctions list checks.
What do you need to do
See our advice on the UK sanctions regime on how to comply
The precise direction:
- criminal offenses under the regime
- how to perform a risk assessment
- obligations to check customers against sanctions lists
- how to request a license to act for a client on a sanctions list
- your reporting obligations
SRA advice on the importance of complying with sanctions
The SRA has issued new guidance covering:
- financial penalties
- fight against money laundering
- Strategic Litigation Against Public Participation (SLAPP)
- continue to act for customers
The guidance stresses that the SRA is “initiating a process of spot checks of companies to assess compliance with the financial sanctions regime”.
It is important for all companies to ensure that they immediately review their policies, controls, procedures and sanctions for compliance.
Resources from the Foreign, Commonwealth and Development Office (FCDO)
We are very concerned about the news from Ukraine and continue to support our members in the region.
I. Stephanie Boyce, President of the Law Society, said, “We stand in solidarity with the people of Ukraine, the National Bar Association of Ukraine and the Ukrainian Bar Association.
“We also stand with the Russian people who oppose their government’s illegal invasion of Ukraine, and the lawyers who defend the rule of law in the region.
“We condemn the actions of the Russian Federation, which are contrary to international law. There is no doubt that these actions pose a direct threat to the rule of law.