Terrorist Asset-Freezing etc. Act 2010

16ExceptionsU.K.
This section has no associated Explanatory Notes

(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.