UK's Office of Financial Sanctions Implementation issues general licence allowing insolvency payments for Prince Group
Insolvency practitioners can process Prince Group payments under a UK OFSI licence
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, allowing specified insolvency-related payments and activities connected with the Prince Group and its subsidiaries subject to conditions.
Why it matters
Only payments and activities that meet the licence's explicit conditions are authorised; anything outside those conditions remains prohibited. Banks and other payment processors must confirm licence conformity before executing transactions to avoid breaching UK sanctions.
Implications
- — Banks' sanctions compliance teams — must verify that any payment involving the Prince Group or its subsidiaries meets General Licence INT/2026/9491628 conditions before execution — payments processed without verification risk enforcement action and penalties.
- — Insolvency practitioners administering Prince Group estates — must obtain and retain documented reliance on General Licence INT/2026/9491628 before authorising insolvency-related distributions or fees — distributions made without documented reliance may be treated as breaches of UK financial sanctions.
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Source
gov.uk
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