UK's Office of Financial Sanctions Implementation issues licence for Prince Group insolvency payments
Insolvency practitioners can process authorised insolvency payments to Prince Group entities
Change
UK's Office of Financial Sanctions Implementation (OFSI) issued General Licence INT/2026/9491628 on 14 April 2026 under regulation 20 of the Global Human Rights Sanctions Regulations 2020, permitting insolvency-related payments and activities connected to the Prince Group and its subsidiaries subject to conditions.
Why it matters
The General Licence creates a conditional exemption to sanctions only for specified insolvency payments and actions involving Prince Group entities. Financial institutions and appointed practitioners must confirm each transaction meets the licence's conditions or the activity remains prohibited.
Implications
- — Insolvency practitioners appointed to Prince Group matters — must obtain, document and retain evidence that every insolvency-related payment or action falls within General Licence INT/2026/9491628 immediately — otherwise payments will be unauthorised and may expose practitioners to enforcement under the Global Human Rights Sanctions Regulations 2020.
- — Banks and payment processors handling Prince Group-related flows — must verify receipt of the General Licence reference and accompanying compliance evidence before executing or releasing funds immediately — otherwise processed transfers risk being treated as prohibited dealings and subject to enforcement action and asset freezes.
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