The benefits of OFSI’s general licence for lawyers are explained by Syed Rahman

The UK Office of Financial Sanctions Implementation (OFSI) has introduced a general licence that enables law firms to receive funds from sanctioned clients quicker.

Syed Rahman wrote an article that outlines the issues that led to the general licence being introduced and its benefits.

He explains that prior to the licence, lawyers could provide legal advice to persons subject to an asset freeze (those that had been sanctioned) but receiving payment required a specific licence from OFSI. Due to the sanctions imposed after Russia’s invasion of Ukraine, there was a backlog in processing licence applications, leading to legal firms facing long delays before being paid.

The general licence, however, enables lawyers to receive payment from a sanctioned person without having to apply or wait for a specific licence. In his piece, Syed details how this new situation will help ensure lawyers are paid quicker than before. He also covers the new licence’s approach to legal fees and the specific requirements it places on lawyers.

Syed's article featured in Law360. (Subscription required)

Featured at: Law360