By Legal Futures Associate Briefed
With sanctions regimes worldwide becoming increasingly stringent, it has become paramount for barristers and chambers staff to possess a comprehensive understanding of their obligations and responsibilities concerning UK sanctions, ensuring full compliance in an evolving international landscape.
Sanctions are imposed to address a range of global concerns, including countering terrorism, promoting human rights, addressing national security threats, combatting money laundering and corruption, enforcing international agreements, managing regional conflicts, serving as a deterrent, promoting diplomacy, and safeguarding the integrity of the financial system.
These measures freeze assets, restrict financial transactions, and target individuals, entities, or countries involved in activities that threaten national security, international peace, and global stability.
Russia’s invasion of Ukraine continues to dictate the Office of Financial Sanctions Implementation’s (OFSI) movements, the financial authority has received 236 sanction breach reports since the invasion occurred. A total of £18.39 billion in Russian assets were reported as frozen to OFSI through 20th October 2022.
The demands of Russia-related sanctions have prompted OFSI to significantly expand its workforce, with expectations of doubling its employee count by the end of 2022. While this expansion is initially focused on managing Russia-related workflows, it also positions OFSI to extend its enforcement activities more broadly, enhancing its capacity to enforce a wider range of financial sanctions.
Legal professionals play a crucial role in ensuring compliance with sanctions and other regulatory measures and therefore, it is imperative that barristers and chambers staff are competent with sanctions, as it aids authorities similar to OFSI in upholding standards.
Launch of NEW UK sanctions compliance training by Briefed
This comprehensive training module will equip barristers and chambers staff with critical knowledge and understanding of their statutory duties and professional regulatory requirements regarding sanctions. Users will learn distinct types of sanctions, evasion techniques and gain an understanding of SAMLA and an awareness of sanction prohibitions.
Breaching sanctions in the UK can come at a costly price for barristers and chambers staff, with consequences leading to reputational damage, loss of client fees and potential imprisonment and large fines.
Barristers and chambers staff availing of this opportunity will also gain knowledge on clients being or becoming designated entities and the practical steps required to meet legal obligations, as well as understanding their reporting obligations.
Briefed’s UK Sanction training offers users the assurance of being informed with up-to-date information in the constantly ever-evolving field of UK sanctions compliance. The course content is regularly reviewed and updated to reflect the latest developments and changes in UK sanctions laws and regulations, ensuring that users are learning the most relevant information.
This sector-specific edition by Briefed is always accessible to users for 12 months, concluding with a randomised multiple-choice exam which provides certification upon completion.
If your barristers or chambers staff want to gain awareness of their role regarding UK Sanctions compliance, visit the Briefed website here for more information.