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PART 3Prohibitions and licences

Exceptions

9.—(1) A person is not guilty of an offence under article 7 or 8 if he credits a frozen account with—

(a)interest or other earnings due on the account; or

(b)where the account holder is a designated person, payments due under contracts, agreements or obligations that were concluded or arose prior to the date that an account holder became a designated person.

(2) For the avoidance of doubt, article 7 applies to any funds credited to a frozen account in accordance with this article.

(3) In this article “frozen account” means an account of a person referred to in article 7(2).