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The Zimbabwe (Financial Sanctions) Regulations 2009

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8.—(1) It is not an offence under regulation 6 or 7 to credit a frozen account with—

(a)interest or other earnings on the account; or

(b)payments due under contracts, agreements or obligations that were concluded or arose prior to the date on which the account became a frozen account.

(2) It is not an offence under regulation 7 for a relevant institution to credit a frozen account where it receives funds transferred to the account by a third party.

(3) For the avoidance of doubt, regulation 6 applies to any funds credited to a frozen account in accordance with this regulation.

(4) In this regulation—

“frozen account” means an account with a relevant institution which is held or controlled by a designated person;

“third party” means a person other than the account-holder or the relevant institution with which the account is maintained.

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