C1PART 3General

Annotations:
Modifications etc. (not altering text)

Definitions

60Meaning of “funds”, “economic resources” and “freeze”

1

In this Act “funds” means financial assets and benefits of every kind, including (but not limited to)—

a

cash, cheques, claims on money, drafts, money orders and other payment instruments;

b

deposits, balances on accounts, debts and debt obligations;

c

publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products;

d

interest, dividends and other income on or value accruing from or generated by assets;

e

credit, rights of set-off, guarantees, performance bonds and other financial commitments;

f

letters of credit, bills of lading and bills of sale;

g

documents providing evidence of an interest in funds or financial resources;

h

any other instrument of export financing.

2

In this Act “economic resources” means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services.

3

In this Act references to “freezing” funds are to preventing funds from being dealt with; and for the purposes of this subsection funds are “dealt with” if—

a

they are used, altered, moved, or transferred or access is allowed to them,

b

they are dealt with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination, or

c

any other change is made that would enable their use, including portfolio management.

4

In this Act references to “freezing” economic resources are to preventing economic resources from being dealt with; and for the purposes of this subsection economic resources are “dealt with” if—

a

they are exchanged for funds, goods or services, or

b

they are used in exchange for funds, goods or services (whether by being pledged as security or otherwise).