OpenLegislation

Article 6 Licensing

Original text. Later amendments are not shown.

(1)

The Treasury may, by licence, authorise frozen funds to be made available.

(2)

A licence may authorise a person to deal with frozen funds.

(3)

A licence granted under this article disapplies the prohibitions in article 4 in respect of frozen funds made available or dealt with in accordance with the licence.

(4)

A licence may be—

(a)

of indefinite duration or subject to an expiry date;

(b)

subject to conditions;

(c)

granted generally or to a person or persons named or described in the licence;

(d)

granted in relation to frozen funds generally or to funds of a description specified in the licence.

(5)

A licence may authorise frozen funds to be made available—

(a)

generally or for purposes specified in the licence;

(b)

to or for the benefit of persons generally or a person or persons named or described in the licence.

(6)

The Treasury may vary or revoke a licence at any time.

(7)

The Treasury, where they grant, vary or revoke a licence, must—

(a)

in the case of a licence granted to a particular person, give written notice of the licence, variation or revocation to that person, and

(b)

in the case of a general licence or a licence granted to a category of persons, take such steps as the Treasury consider appropriate to publicise the licence, variation or revocation.