Information flow control and dynamic policies is a difficult relationship yet to be fully understood. While dynamic policies are a natural choice in many real-world applications that downgrade and upgrade the sensitivity of information, understanding the meaning of security in this setting is challenging. In this paper we revisit the knowledge-based security conditions to reinstate a simple and intuitive security condition for dynamic policies: A program is secure if at any point during the execution the attacker's knowledge is in accordance with the active security policy at that execution point. Our key observation is the new notion of policy consistency to prevent policy changes whenever an attacker is already in possession of the inform...