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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 July 2020 - onwards
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Schedule 2 Treasury licences: purposes

Regulation 20(3)

Interpretation

1. In this Schedule -

“designated person” has the same meaning as it has in Part 3 (Finance);

“frozen funds or economic resources” means funds or economic resources frozen by virtue of regulation 11, and any reference to a person’s frozen funds or economic resources is to funds or economic resources frozen as a consequence of the designation of that person for the purpose of that regulation.

Basic needs

2.

(1) To enable the basic needs of a designated person, or (in the case of an individual) any dependent family member of such a person, to be met.

(2) In the case of an individual, in sub-paragraph (1) “basic needs” includes -

(a) medical needs;

(b) needs for -

(i) food;

(ii) payment of insurance premiums;

(iii) payment of tax;

(iv) rent or mortgage payments;

(v) utility payments.

(3) In the case of a person other than an individual, in sub-paragraph (1) “basic needs” includes needs for -

(a) payment of insurance premiums;

(b) payment o

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