Partner James Clark comments on law firms and sanctions compliance in the Financial Times

Partner and sanctions specialist James Clark comments in the Financial Times on the challenges law firms and other businesses face in navigating the UK sanctions regime, and the importance of voluntarily disclosing any potential breaches to regulators.

 

James’ comments were published in the Financial Times, City AM, New Law Journal, The Global Legal Post and Solicitors Journal.

“This is a cautionary tale for businesses withdrawing from the Russian market – particularly law firms.

“Whilst OFSI stressed that it was issuing the monetary penalty against HSF Moscow, and that it found no fault with the actions of the parent company, it was HSF London that was left to pick up the bill.

“OFSI’s decision to impose a monetary penalty and publish detailed findings in that regard demonstrates their commitment to promoting better compliance with the UK sanctions regime, and highlights the importance of disclosing any potential breaches.”