Lawyers are now subject to prosecution by the UK government if they do not comply with sanctions reporting obligations.
Law firms will face action if they fail to report that they are advising clients subject to government financial sanctions. The Solicitors Regulatory Authority has warned lawyers that they are now subject to the same rules as financial services firms in the move against terrorism under the European Union Financial Sanctions Regulations 2017. The UK government's list of organisations listed 'independent legal professionals' as well as accountants and trust or company service providers - all now under obligation to comply with reporting rules dealing with terrorist financing globally. Currently 25 countries are subject to sanctions. For more information, click here.