SCHEDULES

Regulation 29

SCHEDULE 2Treasury licences: purposes

Interpretation

1. In this Schedule—

“designated person” has the same meaning as it has in Part 3 (Finance);

“frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 8 (asset-freeze in relation to designated persons), and any reference to a person’s frozen funds or economic resources is to funds or economic resources frozen as a consequence of the designation of that person for the purposes of that regulation.

Basic needs

2.—(1) To enable the basic needs of a designated person, or (in the case of an individual) any dependent family member of such a person, to be met.

(2) In the case of an individual, in sub-paragraph (1) “basic needs” includes—

(a)medical needs;

(b)needs for—

(i)food;

(ii)payment of insurance premiums;

(iii)payment of tax;

(iv)rent or mortgage payments;

(v)utility payments.

(3) In the case of a person other than an individual, in sub-paragraph (1) “basic needs” includes needs for—

(a)payment of insurance premiums;

(b)payment of reasonable fees for the provision of property management services;

(c)payment of remuneration, allowances or pensions of employees;

(d)payment of tax;

(e)rent or mortgage payments;

(f)utility payments.

(4) In sub-paragraph (1)—

“dependent” means financially dependent;

“family member” includes—

(a)

the wife or husband of the designated person;

(b)

the civil partner of the designated person;

(c)

any parent or other ascendant of the designated person;

(d)

any child or other descendant of the designated person;

(e)

any person who is a brother or sister of the designated person, or a child or other descendant of such a person.

Legal services

3. To enable the payment of—

(a)reasonable professional fees for the provision of legal services, or

(b)reasonable expenses associated with the provision of legal services.

Maintenance of frozen funds and economic resources

4. To enable the payment of—

(a)reasonable fees, or

(b)reasonable service charges,

arising from the routine holding or maintenance of frozen funds or economic resources.

Extraordinary expenses

5. To enable an extraordinary expense of a designated person to be met.

Pre-existing judicial decisions etc.

6. To enable, by the use of a designated person’s frozen funds or economic resources, the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien, provided that—

(a)the funds or economic resources so used are the subject of the decision or lien,

(b)the decision or lien—

(i)was made or established before the date on which the person became a designated person, and

(ii)is enforceable in the United Kingdom, and

(c)the use of the frozen funds or economic resources does not directly or indirectly benefit any other designated person.

Prior obligations

7. To enable, by the use of a designated person’s frozen funds or economic resources, the satisfaction of an obligation of that person arising under a contract, provided that—

(a)the obligation arose before the date on which the person became a designated person, and

(b)no payments are made to another designated person, whether directly or indirectly.