Commentary on Sections Part 2: Freezing Orders
49.Part 2 contains measures to allow the United Kingdom to take action to freeze the assets of overseas persons or governments who are threatening the economic interests of the United Kingdom or the life or property of United Kingdom nationals or residents.
50.These provisions allow the United Kingdom to impose sanctions in cases of urgency, where neither the United Nations nor the European Union has yet agreed a course of action, or in cases where it is appropriate for the United Kingdom to impose sanctions unilaterally.
The provisions replace section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964. Under that section, the United Kingdom can freeze the assets of an overseas government and overseas residents if the country or the persons in question is (or are) acting to the detriment of the United Kingdom economy. Under the provisions in this Act, the Treasury is able to freeze the assets of overseas governments or residents, including of groups or individuals,  when there is a threat to the United Kingdom economy or to the life or property of United Kingdom nationals or residents.