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CCAB publishes joint guidance on Russia sanctions

Author: ICAEW Insights

Published: 02 Mar 2022

The Consultative Committee of Accountancy Bodies has issued joint guidance for the profession on the situation in Ukraine.

The CCAB has issued joint guidance to the profession in response to the crisis in Ukraine. The guidance reminds the profession of their ethical obligations in relation to compliance with sanctions regimes imposed by the UK Government and their statutory duties to report any instances of non-compliance with the sanctions regime of which they become aware.

There is a heightened risk of money laundering as individuals and organisations may seek to evade the impact of the sanctions. The guidance reminds the profession of their duty to have in place adequate AML procedures and to undertake adequate risk assessments and enhanced due diligence checks where required.

The guidance reminds the profession to ensure that their professional indemnity arrangements may need to be checked in the current situation and that they should consider whether expert advice on financial and trade sanctions which is tailored to their particular circumstances, should be obtained. 

The guidance relates to sanctions imposed by the UK and is available on the CCAB website. Separate guidance relating to sanctions imposed by the Republic of Ireland and the EU is also available.

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