The UK Office of Financial Sanctions Implementation (OFSI) has introduced a general licence that enables law firms to receive funds from sanctioned clients quicker.
Zulfi Meerza and Syed Rahman wrote an article that outlines the issues that led to the general licence being introduced and its benefits.
They explain 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 their piece, Zulfi and Syed detail how this new situation will help ensure lawyers are paid quicker than before. They also cover the new licence’s approach to legal fees and the specific requirements it places on lawyers.
Syed and Zulfi's article featured in Law360. (Subscription required)
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.
Senior Associate Solicitor
Zulfi’s in-depth expertise in corporate crime investigations, serious regulatory matters and complex commercial litigation makes him a logical choice to represent corporates, board members, senior business figures and high net worth individuals.