UK's OFSI issues licence permitting insolvency-related payments for Prince Group
Insolvency practitioners and banks can process authorised Prince Group estate payments
Change
UK's Office of Financial Sanctions Implementation (OFSI) issued General Licence INT/2026/9491628 on 14 April 2026 allowing specified insolvency-related payments and activities connected to the Prince Group and its subsidiaries, subject to the licence's conditions.
Why it matters
The licence limits permitted actions to narrowly defined insolvency functions and attaches compliance conditions that must be met for transactions to be lawful. Any payment or activity outside the licence's scope remains prohibited and exposes parties to sanctions enforcement.
Implications
- — Insolvency practitioners handling Prince Group or subsidiary estates — must confirm each payment and activity falls within General Licence INT/2026/9491628 conditions and document compliance before executing payments — otherwise those transactions will be unauthorised and liable to UK civil or criminal sanctions and asset freezes.
- — Banks and payment processors handling Prince Group insolvency transactions — must verify licence coverage and retain transaction records immediately before processing payments tied to the licence — otherwise they risk enforcement action, penalties, and account freezes.
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