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UK law firm compliance update: OFSI legal services threat assessment and annual review; export controls; SFO bribery probe; SRA authorises first AI-only firm—8 May 2025

Published on: 08 May 2025

Published by a LexisNexis Practice Compliance expert
Legal News
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In this issue:

  • Financial sanctions
  • Other financial crime
  • Other Practice
  • Compliance updates this week
  • Daily and weekly news alerts
  • Trackers
  • New and updated content

Financial sanctions

Navigating the complexities of sanctions compliance in law firms—OFSI’s Legal Services Threat Assessment

In April 2025, the Office of Financial Sanctions Implementation (OFSI) published its inaugural Legal Services Threat Assessment, as part of a series examining sanctions risks in particular sectors. The report supplies valuable perspective on OFSI’s view of the compliance threats and risks confronting the legal services sector, shining a light on the intricate hurdles the UK profession faces in adhering to financial sanctions. By taking forward OFSI’s recommendations, law firms can strengthen their processes and lessen exposure to sanctions breaches. In a period defined by geopolitical unpredictability and ever more complex sanction regimes, firms must stay alert and act proactively on compliance. See News Analysis: Navigating the complexities of sanctions compliance in law firms—OFSI’s Legal Services Threat Assessment.

OFSI annual review 2024

On 21 March 2025, OFSI issued its Annual Review for 2023–2024, titled ‘Engage, Enhance, Enforce’ (the Review)...

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