Paragraph 1 InterpretationI1

In this Schedule—

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

• “frozen account” has the same meaning as in regulation 22 (finance: exceptions from prohibitions);

• “frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 14 (asset-freeze in relation to designated persons).

For the purposes of this Schedule, references to a designated person are to be read as including a person (“C”) who is owned or controlled directly or indirectly (within the meaning of regulation 9 (meaning of “owned or controlled directly or indirectly”)) by the designated person (“P”).

When determining for the purposes of paragraph 8 when a person became a designated person, C is to be treated as having become a designated person at the same time as P.