Council Regulation (EU) No 747/2014Show full title

Council Regulation (EU) No 747/2014 of 10 July 2014 concerning restrictive measures in view of the situation in Sudan and repealing Regulations (EC) No 131/2004 and (EC) No 1184/2005

Article 7U.K.

By way of derogation from Article 5, the competent authorities of the Member States may authorise the release of certain frozen funds or economic resources, if the following conditions are met:

(a)

the funds or economic resources are the subject of a judicial, administrative or arbitral lien established prior to the date on which the person, entity or body referred to in Article 5 was included in Annex I, or of a judicial, administrative or arbitral judgment rendered prior to that date;

(b)

the funds or economic resources will be used exclusively to satisfy claims secured by such a lien or recognised as valid in such a judgment, within the limits set by applicable laws and regulations governing the rights of persons having such claims;

(c)

the lien or judgment is not for the benefit of a person, entity or body listed in Annex I;

(d)

recognising the lien or judgment is not contrary to public policy in the Member State concerned; and

(e)

the Sanctions Committee has been notified by the Member State of the lien or judgment.