Paragraph 23 I1

For regulation 40 (Treasury licences), substitute—

“Financial sanctions licences

40.

(1)

The prohibitions in regulations 12 to 17 (asset-freeze etc.) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(2)

The Governor may issue a financial sanctions licence only with the consent of the Secretary of State.

(3)

The Governor may issue a financial sanctions licence which authorises acts by a particular person in relation to a non-UN designated person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Schedule 1.

(4)

The Governor may issue a financial sanctions licence which authorises acts in relation to a UN designated person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 2.

(5)

In this regulation “UN designated person” means a person who is a designated person for the purposes of regulations 12 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council resolutions).”