C1C2C3Part 1Terrorist Asset-Freezing

Annotations:
Modifications etc. (not altering text)
C1

Pt. 1 extended (Isle of Man) (with modifications) (17.3.2011) by The Terrorist Asset-Freezing etc. Act 2010 (Isle of Man) Order 2011 (S.I. 2011/749), arts. 1, 2, Schs.

C3

Pt. 1 extended (Guernsey) (with modifications) (8.4.2011, with effect in accordance with art. 4 of the commencing S.I.) by The Terrorist Asset-Freezing etc. Act 2010 (Guernsey) Order 2011 (S.I. 2011/1082), arts. 1(2), 3, 4, Schs.

CHAPTER 2Prohibitions in relation to designated persons

Exceptions and licences

16Exceptions

1

The prohibitions in sections 11 to 13 are not contravened by a relevant institution crediting a frozen account with—

a

interest or other earnings due on the account, or

b

payments due under contracts, agreements or obligations that were concluded or arose before the account became a frozen account.

2

The prohibitions in sections 12 and 13 on making funds available do not prevent a relevant institution from crediting a frozen account where it receives funds transferred to the account.

3

The prohibition in section 13 is not contravened by the making of a payment which—

a

is a benefit under or by virtue of an enactment relating to social security (irrespective of the name or nature of the benefit), and

b

is made to a person who is not a designated person,

whether or not the payment is made in respect of a designated person.

4

A relevant institution must inform the Treasury without delay if it credits a frozen account in accordance with subsection (1)(b) or (2).

5

In this section “frozen account” means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person.