OFSI publishes General Guidance updated with new HM Treasury debt exception

Today, on 9 July, the Office of Financial Sanctions Implementation has published guidance on a new exception which permits payment in respect of HM Treasury debt to be made to or for the benefit of UN designated persons, provided the payment obligation existed before the person's designation and the funds go into an account specified by the exception, including a frozen UK account or an account in a corresponding jurisdiction.

These requirements are subject to the need to take reasonable steps. See section 6.21 of OFSI's general guidance for more information about how to use this exception.