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Regulation 8 ExceptionsI1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A person is not guilty of an offence under regulation 6 or 7 if he credits a frozen account with—

(a)

interest or other earnings due on the account; or

(b)

payments due under contracts, agreements or obligations that were concluded or arose prior to 23rd December 2006.

(2)

Regulation 7 does not prevent a relevant institution from crediting a frozen account where it receives funds transferred to a frozen account by a third party.

(3)

For the avoidance of doubt, regulation 6 applies to any funds credited to a frozen account in accordance with this regulation.

(4)

In this regulation “frozen account” means an account with a relevant institution which is held or controlled by a designated person.

Annotations

Commencement

I1

Reg. 8 in force at 3.5.2007, see reg. 1(1)