Regulatory Alerts2016-12-15
Terrorist Asset-Freezing Act 2010
Issued by the UK Parliament and enforced by the Treasury, this Act establishes a statutory framework for freezing the funds and economic resources of persons designated as involved in terrorism. The Treasury may issue final or interim designations, notify affected parties, and prohibit the dealing with or provision of funds and financial services to those individuals or entities. The legislation outlines renewal and revocation procedures, grants licensing powers to authorize specific transactions, provides exceptions for frozen bank accounts, and creates criminal offences for contraventions.
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