Paragraph 11 I1I2F1

In this Schedule—

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

• F3“frozen account” has the meaning given in regulation 37(7);

• “frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 12, 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 7A, 7B or 10C when C was a designated person, C is to be treated as having been a designated person at the same time as P.