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The Libya (European Union Financial Sanctions) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 45
- PART 2
- Regulation 8
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Credits to a frozen account
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8.—(1) The prohibitions in regulations 4 and 5 are not contravened by a person who credits a frozen account with—
(a)interest or other earnings due on the account,
(b)payments due under contracts, agreements or obligations that were concluded or arose before the account became a frozen account, or
(c)payments due under judicial, administrative or arbitral decisions rendered in a Member State or enforceable in the Member State concerned.
(2) The prohibitions in regulations 4 and 5 on making funds available do not prevent a relevant institution from crediting a frozen account where it receives funds transferred to the account.
(3) A relevant institution must inform the Treasury without delay if it credits a frozen account in accordance with paragraph (1)(b), (c) or (2).
(4) In this regulation “frozen account” means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person.
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