Sanctions compliance has become a key area of focus for the Solicitors Regulation Authority (SRA), with a significant rise in investigations over the past year. The SRA’s latest report shows 22 sanctions-related investigations for the financial year ending in April 2024, marking a notable increase from the previous year.
John Binns, a sanctions expert at BCL Solicitors, raised concerns about the SRA’s role in sanctions enforcement, questioning whether it is appropriate for the regulator to step into the territory of the Office of Financial Sanctions Implementation (OFSI). "I’m sceptical about their [the SRA’s] role in sanctions enforcement when they’re not the specialists on the subject," he said.
However, others argue that it’s crucial for the SRA to examine law firms’ sanctions compliance, given the role lawyers play in preventing illicit financial flows. The regulator’s proactive approach includes inspections and collaborations with OFSI and HMRC to ensure compliance with UK sanctions.
As sanctions enforcement intensifies, law firms must stay vigilant in their compliance efforts. The growing focus on sanctions underscores the need for robust compliance programs to avoid regulatory scrutiny.
This comment was first written for and published by GIR on 5 November 2024, to read the full article click here. (£)
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