AML/CTF/CPF - Terrorism, Sanctions, SLAPP and counter-proliferation financing [2023]

Our obligations and professional duties keep getting heavier, especially since the Russian incursion into Ukraine in February 2022 and new rules on counter-proliferation financing measures that we must build into our risk assessments and our PCPs. There is also further guidance on the sanctions regime which tightens our duties still further. We will discuss

• Updated Sanctions provisions, in particular
  • OFSI Sanctions provisions
  • How do we check our clients are not on the Sanctions lists
  • What effect does it have on those who service those who are sanctioned?
  • What must we do if we find a client IS on the Sanctions list?
  • New SRA guidance – sanctions law is wider than our obligations under the MLR and affects not only our clients, but others too
• New obligations to be grafted on to our existing obligations, in particular
  • Counter-Proliferation measures in our risk assessments
  • Does your client have any potential links to those manufacturing, stockpiling or deploying chemical, biological, radiological or nuclear weapons?
  • If so, what must we do?
• SLAPPed down - our duties in relation to litigation of behalf of the super-rich
• What evidence do we need to get, keep and record?
• What more can we do?

Key points to take away:

• The importance of undertaking thorough CDD – even if it feels un-necessary and burdensome
• Key information that we need to investigate in relation to sanctions
• Key information that we need to investigate in relation to proliferation financing
• Key duties in relation to SLAPP litigation
• Record everything – if in doubt, write it down