UK Issues New Sanctions License for News Media Services
The U.K.'s Office of Financial Sanctions Implementation published a new license last week that authorizes certain transactions related to news media services. The license allows the provision of "goods or services" that "are necessary for the provision of News Media Services," along with activities that are "reasonably necessary to effect the receipt or provision of News Media Services, including making or receiving Permitted Payments." The license also authorizes U.K. financial institutions to process those payments.
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"This licence does not permit payment directly or indirectly to, from or for the benefit of any person designated for the purpose of compliance with United Nations obligations," the U.K. said. The license took effect Sept. 19.
OFSI also revised an existing license that had previously covered transactions involving news media services. That license now no longer applies to such services.