March 5, 2018: HMT updates its financial sanctions general guidance

OFSI updates legal services guidance

 

 

As part of its ongoing review of licensing policy, OFSI has updated its operational policy on licensing legal services.

OFSI’s updated guidance now states that obtaining a licence is encouraged, rather than mandated, in advance of providing substantive legal services. No payment for legal services by, or on behalf of, a designated person should be received in the absence of a licence from OFSI.

This revised approach is aligned to EU legislation which contains a licensing ground enabling OFSI to permit payment of reasonable legal fees and expenses – from frozen funds or third party funds – on behalf of a designated person.

Frequently Asked Questions 3.4.1 and 3.4.2 in the general guidance have been updated to reflect this change.

Link:

Financial sanctions: general guidance

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s