OFSI: Licence to represent sanctioned parties ‘strongly encouraged’

The UK Treasury’s Office of Financial Sanctions Implementation (‘OFSI’) has updated its general guidance on financial sanctions in the UK (5 March). The document provides information on companies’ obligations concerning financial sanctions policy; OFSI’s processes for licence applications and breach reports; and FAQs by specific sector. The FAQs relating to the legal sector have been updated at 3.4.1. and 3.4.2 to state that obtaining a licence before providing substantive legal services is ‘strongly encouraged’ rather than required. The guidance makes clear that no payment for legal services should be received from a designated person before obtaining a licence.

For a copy of OFSI’s updated guidance see: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/685308/financial_sanctions_guidance_march_2018_final.pdf