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Questions raised over UK trust, company services providers' sanctions compliance

( April 3, 2025, 12:08 GMT | Official Statement) -- MLex Summary: It is “highly likely” that UK trust and company services providers haven't self-disclosed all suspected sanctions breaches, the finance ministry's Office of Financial Sanctions Implementation said in an annual threat assessment report relating to the legal services sector. Moreover, it is "almost certain" that complex corporate structures, including trusts, linked to sanctioned Russians and their family members "have obfuscated the ownership and control of assets which could be frozen under the UK sanctions regime," the office said. Its report identifies key evasion threats, red flags of which businesses should be aware, and observations on areas where compliance could be strengthened. Report attached....

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