Financial Services and Markets (Freezing of Assets of Persons — Yemen) Regulations 2023

where any individual or entity is added to the UN List on or after 28 April 2023, the individual or entity is taken to be a designated person with effect from the date immediately following the date of the addition to the UN List;

where any individual or entity is removed from the UN List, the individual or entity ceases to be a designated person with effect from the date of removal from the UN List; and

where the particulars of any individual or entity in the UN List are modified on or after 28 April 2023, the particulars of the individual or entity are taken to be modified for the purposes of these Regulations with effect from the date immediately following the date of modification of the UN List.

immediately freeze all of the funds, financial assets or economic resources, as the case may be; and

ensure that the funds, financial assets or economic resources are not made available, whether directly or indirectly, to or for the benefit of the designated person.

any entity owned or controlled, directly or indirectly, by any designated person; or

any individual or entity who acts on behalf of or under the direction of any designated person,are to be treated as funds, financial assets or economic resources owned or controlled by the designated person.

to be necessary —

for the payment of basic expenses, including any payment for foodstuff, rent, the discharge of a mortgage, medicine, medical treatment, taxes, insurance premiums and public utility charges; or

exclusively for —

the payment of reasonable professional fees and the reimbursement of any expenses incurred in connection with the provision of legal services; or

the payment of fees or service charges imposed for the routine holding or maintenance of frozen funds, financial assets or economic resources;

to be necessary for the payment of any extraordinary expenses; or

to be the subject of any judicial, administrative or arbitral lien or judgment, in which case the funds, financial assets or economic resources may be used to satisfy the lien or judgment if (and only if) the lien or judgment —

arose or was entered before 26 February 2014; and

is not for the benefit of a designated person.

interest or other earnings due on the account; or

payments due under any contract, agreement or obligation that arose before 6 March 2015,except that any such interest, earnings or payments are subject to paragraph (1).