The government has imposed a tranche of sanctions on Russia in response to the situation in Ukraine. The Law Society’s guidance on the UK sanctions is important and proportionate, and all of us must do what we can to learn what steps we can take and safeguard the reputation of the profession and the rule of law, writes David Little, a Partner in solicitor Bishop & Sewell’s Corporate and Commercial department.
The new sanctions are aimed at encouraging Russia to cease actions destabilising, undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.
All firms regulated by the Solicitors Regulation Authority (SRA) must have appropriate policies in place to make sure they comply with sanctions legislation.
This includes carrying out regular and appropriate checks of sanctions lists.
The guidance sets out:
- the criminal offences under the regime
- how to carry out a risk assessment
- obligations to check clients against sanctions lists
- how to apply for a licence to act for a client on a sanctions list
- your reporting obligations
SRA guidance on the importance of complying with sanctions
The SRA has published new guidance covering:
- financial sanctions
- anti-money laundering
- strategic litigation against public participation (SLAPPs)
- continuing to act for clients
The guidance highlights that the SRA are “commencing a process of spot checks on firms to assess compliance with the financial sanctions regime”.
It’s important that all firms ensure that they immediately review their policies, controls, procedures and sanctions compliance.
Take a look at the SRA’s guidance on the Russian conflict and sanctions
Stephanie Boyce, President of the Law Society, said: “We stand in solidarity with the Ukrainian people, the Ukrainian National Bar Association and the Ukrainian Bar Association.
“We also stand with the Russian people who oppose their government’s illegal invasion of Ukraine, and lawyers who are defending the rule of law in the region.
“We condemn the actions of the Russian Federation, which are in contravention of international law. There is no doubt that these actions are a direct threat to the rule of law.”
David Little is a Partner in Bishop and Sewell’s Corporate & Commercial team. Should you require any further advice or assistance, please contact him quoting reference CB291 on +44 (0)20 7079 4143 or email: [email protected]
About Bishop & Sewell LLP
Bishop & Sewell is a long-established, full service Central London law firm – with an international reach – specialising in Personal, Property and Commercial legal matters. To learn more, visit www.bishopandsewell.co.uk