Paragraph 38 I1

For regulation 61 (Treasury licences), substitute—

“Financial sanctions licences

61.

(1)

The prohibitions in regulations 11 to 15 (asset-freeze etc.)F1... 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.

F2(3)

The Governor may issue a financial sanctions licence which authorises acts by a particular person only where, in relation to acts which would otherwise be prohibited by regulations 11 to 15, the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 6. ”