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UK sanctions and financial crime: OFSI legal services threat assessment, 2024 review, export control updates, and SFO bribery probe—Risk & Compliance weekly highlights, 8 May 2025

Published on: 08 May 2025

Published by a LexisNexis Risk & Compliance expert
Legal News
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Article summary

In this issue:

  • Financial sanctions
  • Other financial crime
  • 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

April 2025 saw the Office of Financial Sanctions Implementation (OFSI) issue its inaugural Legal Services Threat Assessment, one instalment in a suite of sector‑specific studies on sanctions threats. The publication sets out OFSI’s perspective on compliance risks facing legal services, illuminating the nuanced hurdles the UK profession encounters in upholding financial sanctions. It also highlights sector vulnerabilities and the persistent compliance challenges UK law firms confront under financial sanctions. Adopting OFSI’s recommendations enables firms to strengthen controls and reduce exposure to potential sanctions breaches within the UK legal services sector at large. Against a backdrop of geopolitical volatility and ever more complex regimes, firms should stay alert and take a proactive stance 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, entitled ‘Engage, Enhance, Enforce’ (the Review). The annual review, now in its eighth edition, is...

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