Financial sanctions policy

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Financial sanctions policy

Financial sanctions policy

    1. 1

      Introduction

      This financial sanctions policy is designed to ensure we comply with applicable financial sanctions laws made under the UK sanctions regime[ across every jurisdiction in which we operate].

    1. 2

      What are financial sanctions?

      1. 2.1

        Financial sanctions are measures which restrict dealings in money and the provision of financial services—they can include the prohibition of funds transfers to certain countries, individuals or entities.

      1. 2.2

        Financial sanctions are non-permanent international restrictions aimed at:

        1. 2.2.1

          encouraging a change in the behaviour of a particular country or regime;

        1. 2.2.2

          applying pressure on particular countries or regimes to comply with certain objectives;

        1. 2.2.3

          preventing and suppressing terrorist financing.

      1. 2.3

        Financial sanctions are also used as a last resort enforcement tool when international peace and security has been threatened.

      1. 2.4

        A designated person, entity or regime subject to sanctions that are effective in the UK is known as a target.

      1. 2.5

        The UK imposes financial sanctions autonomously.

      1. 2.6

        Other countries and government bodies such as the European Union (EU), the United Nations (UN) and the United States (US) impose financial sanctions. If you operate in those jurisdictions, you must be aware of and comply with applicable sanctions.

    1. 3

      The law

      1. 3.1

        The financial sanctions regime applies to all law firms. There is no distinction in the financial sanctions regime between regulated and non-regulated sectors or activities.

      1. 3.2

        All sanctions in the UK are implemented through a combination of statutory

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