30Definitions for Part 3

30 Definitions for Part 3

(1) In this Part, a dealing constituted by: (a) a payment to a proscribed person or entity, or a payment to a person or entity acting on behalf of, or at the direction of a proscribed person or entity; or (b) a use or dealing with a freezable asset; is basic expense dealing if it is necessary for basic expenses, including the following: (c) foodstuffs; (d) rent or mortgage; (e) medicines or medical treatment; (f) taxes; (g) insurance premiums; (h) public utility charges; (i) reasonable professional fees; (j) reimbursement of expenses associated with the provision of legal services; (k) fees or service charges that are in accordance with national laws for the routine holding or maintenance of frozen assets. (2) In this Part a dealing constituted by: (a) a payment to a proscribed person or entity, or a payment to a person or entity acting on behalf of, or at the direction of a proscribed person or entity; or (b) a use or dealing with a freezable asset; is a contractual dealing if it is a payment: (c) to apply interest or other earnings due on accounts holding freezable assets; or (d) required under contracts, agreements or obligations made before the date on which those accounts became accounts holding freeazable assets.

Note: If the account into which the payment is paid is frozen under Part 4 of the Act, this payment will also be frozen once received.

(3) In this Part any other dealing constituted by: (a) a payment to a proscribed person or entity, or a payment to a person or entity acting on behalf of, or at the direction of a proscribed person or entity; or (b) a use or dealing with a freezable asset; is an extraordinary expense dealing.