CHAPTER IVFREEZING OF FUNDS AND ECONOMIC RESOURCES

Article 24

By way of derogation from Article 23, the competent authorities may authorise the release of certain frozen funds or economic resources, if the following conditions are met:

  1. (a)

    the funds or economic resources are the subject of a judicial, administrative or arbitral lien established before the date on which the person, entity or body referred to in Article 23 has been designated by the Sanctions Committee, the Security Council or the Council or of a judicial, administrative or arbitral judgment rendered prior to that date;

  2. (b)

    the funds or economic resources will be used exclusively to satisfy claims secured by such a lien or recognised as valid in such a judgment, within the limits set by applicable laws and regulations governing the rights of persons having such claims;

  3. (c)

    the lien or judgment is not for the benefit of a person, entity or body listed in Annex VIII or IX;

  4. (d)

    recognising the lien or judgment is not contrary to public policy in the Member State concerned; and

  5. (e)

    where Article 23(1) applies, the Sanctions Committee has been notified by the Member State of the lien or judgment.