To ask the Chancellor of the Exchequer, whether a decision has been made by his Department on whether to grant the outstanding March 2017 application for an Office of Financial Sanctions Implementation licence to discharge the IMS debt to the Central Bank of Iran.
25 November 2020
As the competent authority for the implementation of financial sanctions in the UK, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, ensures financial sanctions are properly understood and enforced. Part of this role involves licensing legitimate activity in relation to sanctioned individuals or entities.
OFSI considers granting a licence if an activity falls within licensing grounds set out in the applicable legislation and considers the relevant evidence, on a case by case basis, before deciding whether to grant a licence. Licences are granted in strict adherence to the applicable law.
OFSI does not, however, comment on individual licence applications. Where a licence has been issued by OFSI, it does not compel any party to take any action.