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The Former Yugoslavia (United Nations Sanctions) Order 1994

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Assets of persons connected with Bosnian Serb controlled areas

6.—(1) Except with permission granted by or on behalf of the Treasury, no person mentioned in article 8 of this Order shall—

(a)make any payment, or part with any gold, securities or investments; or

(b)make any change in the persons to whose credit any sum is to stand or to whose order any gold, securities or investments are to be held,

where any such action is action to which this article applies.

(2) This article applies to any action which is likely to make available to or for the benefit of any person connected with the Bosnian Serb controlled areas any funds or any other financial assets or resources, whether by their removal from the United Kingdom or otherwise, or otherwise to result in the remittance or transfer of funds or other such assets or resources to or for the benefit of any person connected with the Bosnian Serb controlled areas.

(3) Any permission granted by or on behalf of the Treasury under this article may be granted either absolutely or subject to conditions and may be varied or revoked at any time by or on behalf of the Treasury.

(4) In this article:

(a)“gold”, “payment” and “securities” shall have the meanings they bear in section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964(1);

(b)“investments” means any asset, right or interest falling within any paragraph of Part I of Schedule 1 to the Financial Services Act 1986(2) which is not a security;

(c)“person connected with the Bosnian Serb controlled areas” means any of the following persons:

(i)any body in the Bosnian Serb controlled areas; or

(ii)any body, wherever incorporated or constituted, which is owned or controlled, directly or indirectly, by the following persons:

(aa)any person in, or resident in, the Bosnian Serb controlled areas; or

(bb)any body in the Bosnian Serb controlled areas; or

(iii)any person or body acting on behalf of a body described in sub-paragraph (i) or (ii).

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