OpenLegislation

Article 9 Exceptions

Original text. Later amendments are not shown.

(1)

A person is not guilty of an offence under article 7 or 8 if he credits a frozen account with—

(a)

interest or other earnings due on the account; or

(b)

where the account holder is a designated person, payments due under contracts, agreements or obligations that were concluded or arose prior to the date that an account holder became a designated person.

(2)

For the avoidance of doubt, article 7 applies to any funds credited to a frozen account in accordance with this article.

(3)

In this article “frozen account” means an account of a person referred to in article 7(2).