Paragraph 1 InterpretationI1

• “designated person” has the same meaning as it has in Chapter 1 of Part 3 (Finance);

• F2“frozen account” has the meaning given in regulation 55(7);

• “frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 11, 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 purpose 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 15 when C became a designated person, C is to be treated as having become a designated person at the same time as P.