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Latest Practice Compliance News

Practice Compliance weekly highlights—3 April 2025

This week's edition of Practice Compliance weekly highlights includes: the latest sanctions news, publication of the SARs Annual Report, an analysis on the government’s expansion of UK fraud strategy with focus on scammers, publication of new guidance on anonymisation and pseudonymisation techniques by the ICO and an analysis on the SRA getting first red rating from legal services board.

OFSI releases Legal Services Threat Assessment Report on sanctions risks

The Office of Financial Sanctions Implementation (OFSI) has published its Legal Services Threat Assessment Report, examining threats and vulnerabilities relating to UK financial sanctions in the legal sector. The 24-page report forms part of OFSI's commitment under Economic Crime Plan 2 to provide sector-specific guidance, aiming to support legal sector stakeholders in developing risk-based approaches to sanctions compliance.

IBE taskforce calls for enhanced ethical framework in law firms' client acceptance procedures

The Institute of Business Ethics (IBE) Taskforce on Business Ethics and the Legal Profession has released a report providing recommendations for law firms in England and Wales to strengthen their client acceptance procedures. The report introduces a new six-step model gating process to address gaps in Anti-Money Laundering (AML) legislation. The taskforce estimates that $US 660bn-1.26trn of illicit wealth enters global financial systems annually, highlighting the need for enhanced due diligence beyond current regulatory requirements. The framework aims to restore public trust in the legal profession through increased transparency and accountability measures.

UK government needs to take action to support Office of the Whistleblower Bill

Law360, London: Those of us who have pressed for years for the reform of whistleblowing law are pleased to see that whistleblowing is now starting to receive the attention it deserves. I take great heart in the knowledge that we now have broad agreement that whistleblowers should be properly protected and that the information they provide should be valued and investigated. But unlocking real change remains a huge challenge.

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Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is

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