Paragraph 1 InterpretationI1

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.

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 7) by the designated person (“P”).

When determining for the purposes of paragraph 6 or 7 when C became a designated person, C is to be treated as having become a designated person at the same time as P.