On January 14, 2025, the UK Office of Financial Sanctions Implementation issued General License INT/2025/5632740 under all UK Autonomous Sanctions Regulations (listed in Annex 1 of the General License) to permit Persons to make funds available to or for the benefit of UK Designated Persons (“UK DPs”) for two Months following the date of their designation. Under the general license, UK DPs are allowed to make Permitted Payments up to the Permitted Maximum for each of the two Months. The license, which went into effect of January 15, 2025, also enables Relevant UK Institutions to process these payments for UK DPs.
Persons that utilize the license are required to provide written notice to HM Treasury within 14 days of the end of the two-month period after the UK DP was designated or the day that a special basic needs license concerning the UK DP takes effect (whichever is earlier). UK DPs must share the following details with HM Treasury: the name of the UK DP; the source of the funds received by the UK DP; and the invoice or receipt for any Permitted Payment, which includes the date of purchase, amount spent, and the purpose of the payment. The license also requires UK DPs, Persons or Relevant UK Institutions to keep accurate and complete records for a minimum of 6 years.
General License INT/2025/5632740 | Publication Notice – General License INT/2025/5632740