The Solicitors Regulation Authority is preparing to launch a ‘thematic review’ of financial sanctions, it revealed today. This will produce a report by the autumn with the aim of providing guidance to lawyers who may find themselves exposed in this area in the wake of Russia’s invasion of Ukraine.

Colette Best, the regulator’s director of anti-money laundering, announced the initiative at the Law Society’s annual risk and compliance conference this morning.

'It’s incredible just how quickly the world has moved on and how quickly this has become one of our key priorities,’ Best told delegates at Chancery Lane.

‘In reacting to the fairly horrific and unique situation that’s going on in the world we have done a number of checks in this area,' she said. ‘That has been very reactive to some of the commentary and discourse that has happened in parliament, but also active in doing some checking of firms’ lists, where we have seen that firms do have exposure to Russian markets.’

It is understood the review will look at the role of lawyers who have worked for sanctioned clients, speaking to a large sample size and sharing lessons and findings.

She added: ‘The aim [of our thematic review] would be to get some helpful guidance [to put] in the context of legal services in a way that helps you comply.’ 

Best urged firms to keep up to date with the frequent announcement of the Office of Sanctions Implementation and do ongoing checks when new clients are onboarded.

 

This article is now closed for comment.

Topics