HM Treasury has revised its policy on certain transactions relating to the payment of funds by asset freeze targets in light of recent EU case law. Any funds arriving in the UK or in a UK bank anywhere in the world which have come from or via a designated person outside of the EU will be required to be frozen in a suspense account upon arrival in the UK bank. A licence from HM Treasury will be required to be obtained in order to release the funds to the intended recipient. The new policy will come into force on 31 July 2014.

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