Freezing of Assets
The question
To ask the Chancellor of the Exchequer, whether her Department plans to review the maintenance of sanctioned assets where deterioration may affect (a) public and (b) heritage value.
Answered by Lucy Rigby
Where a designated person (DP) owns or controls economic resources, such as property, those resources are subject to an asset freeze. Where appropriate, OFSI may issue either a general or specific licence on behalf of HM Treasury to permit activity that would otherwise be prohibited by an asset freeze. This includes to enable payments for the routine holding and maintenance of properties owned by designated persons in order to prevent their deterioration.
However, while a licence permits such payments, it does not compel the designated person to undertake the work. Therefore, even if OFSI issues a licence, maintenance or repairs will only take place if the designated person is willing to carry them out.
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