(1) The prohibition in regulation 11 (asset-freeze in relation to designated persons) is not contravened by an independent person (“P”) transferring to another person a legal or equitable interest in funds or economic resources where, immediately before the transfer, the interest -
(a) is held by P, and
(b) is not held jointly with the designated person.
(2) In paragraph (1) “independent person” means a person who -
(a) is not the designated person, and
(b) is not owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.
(3) The prohibitions in regulations 11 to 13 (asset-freeze in relation to, and making funds available to, or for the benefit of, designated persons) are not contravened by a relevant institution crediting a frozen account with interest or other earnings due on the account.
(4) The prohibitions in regulations 12 and 13 (making funds available to, or for the benefit of, designated persons) are not contravened by a r
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