Statutory Instruments

2008 No. 2766

Banks And Banking

The Landsbanki Freezing (Amendment) Order 2008

Approved by both Houses of Parliament

Made

20th October 2008

Laid before Parliament

20th October 2008

Coming into force

21st October 2008

The Treasury believe that action to the detriment of the United Kingdom’s economy (or part of it) has been or is likely to be taken by persons, each of whom is the government of or a resident of a country or territory outside the United Kingdom.

The Treasury, in exercise of the powers conferred by sections 4 and 14 of and Schedule 3 to the Anti-terrorism, Crime and Security Act 2001( 1 ), make the following Order:

Citation and commencement

1. This Order may be cited as the Landsbanki Freezing (Amendment) Order 2008 and comes into force on 21st October 2008.

Amendments to the Landsbanki Freezing Order

2.The Landsbanki Freezing Order 2008( 2 ) is amended as follows.

3. In article 1—

(a) in paragraph (2) insert at the beginning “Subject to paragraph (3),”;

(b) in paragraph (3) for “An offence may be committed under this Order by” substitute “The prohibitions imposed by article 4 apply to the following persons”.

4. In article 3—

(a) in paragraph (1) after “this Order” insert “(being persons believed by the Treasury to have taken or be likely to take action to the detriment of the United Kingdom’s economy (or part of it))”;

(b) in paragraph (2) after “must” insert “, as soon as is practicable,”.

5. In article 5(1) after “A person” insert “referred to in article 1(3)”.

6. In article 9(2) for “Schedule 2” substitute “the Schedule”.

7. Omit article 13.

8. In the Schedule—

(a) in paragraph 2 after “disclose” insert “to the Treasury”;

(b) in paragraph 3—

(i) after “ 3. ” insert “—(1)”;

(ii) in sub-paragraph (b) for the references to ‘person’ substitute ‘relevant institution’;

(i) omit “—(1)”;

(ii) in sub-paragraph (b) for “relation” substitute “response”.

Bob Blizzard