Commentary on Sections and Schedules Part 1 – Terrorist Asset-Freezing Introductory Section 1 – Meaning of “designated person”
13.The financial restrictions contained in Part 1 of the Act apply to “designated persons”. Section 1 defines “designated person” as (a) a person designated by the Treasury or (b) a person included in the list provided for by Article 2(3) of the EC Regulation. The EC Regulation is a measure adopted by the EC to implement resolution 1373. It provides that the Council should establish a list of persons to whom asset-freezes apply. The list is made up of persons put forward for inclusion by a “Competent Authority” in a Member State and on the basis that the Authority has taken relevant steps (for example, to prosecute for a terrorist offence or freeze assets domestically) against that person. The Treasury is a Competent Authority for the purposes of the EC Regulation.