Private schools warned Russian financial sanctions apply to fees
The Independent Schools Council (ISC) has warned its members that the recently imposed Government sanctions on the finances held by individuals in Russian banks could affect the payment of fees.
The ISC’s Chief Executive, Julie Robinson, said: “The priority for all schools is the safety, wellbeing and education of their pupils. Decisions over sanctions are for the Government.
“Sanctions currently imposed on individuals and Russian banks mean schools must not accept payments of fees from these sources. They are encouraged to remain on high alert over suspicious payments and expected to raise Suspicious Activity Reports if they have any concerns over the provenance of the money they are receiving.
“Clearly, the support of the Home Office, National Crime Agency, NECC and other relevant authorities is hugely important.
“Associations representing independent schools work with these agencies to encourage vigilance against suspicious fee payments and ensure reporting is carried out as required under relevant laws and regulations, and the Independent Schools’ Bursars Association provides schools with guidance verified by legal experts to further support them.
“The work carried out by schools includes appropriate checks on the source of funds and associated background checks.”
The ISC acts on behalf of more than 1,300 private schools. Latest figures suggest there are around 2,300 Russian students studying at independent schools in the UK and the sanctions could lead to them being unable to meet the cost of tuition and boarding fees.