(1) On being served with a freezing order in respect of a listed entity, a financial institution and a person engaged in other business activity, as the case may be, shall immediately freeze all funds in an account that is —
(a) owned or controlled, by a listed entity,
(b) wholly or jointly owned or controlled, directly or indirectly, by a listed entity,
(c) derived or generated from funds or other assets that is owned or controlled, directly or indirectly, by a listed entity,
(d) owned or controlled by a person acting on behalf of or at the direction of a listed entity;
(e) owned or controlled, directly or indirectly, by —
(i) the Government or a political party of a proscribed country,
(ii) a person acting on behalf of, or at the direction of the Government or a political party of a proscribed country,
(iii) a person controlled by the Government or a political party of a proscribed country, which is associated with a nuclear or ballistic programme of that Government or a political party of a proscribed country or any other activity prohibited by this Act;
(2) A financial institution or a person engaged in other business activity that contravenes subsection (1) commits an offence and is liable, on conviction on indictment, to a fine not exceeding one million dollars.
(3) A director, manager or employee of the financial institution or a person engaged in other business activity that contravenes subsection (1) commits an offence and is liable, on conviction on indictment, to a fine not exceeding one million dollars or to imprisonment for a term not exceeding twenty-five years or both.
(4) If a financial institution or a person engaged in other business activity credits a frozen account as a result of —
(a) interest or other earnings due on the account;
(b) payments due under contracts, agreements or obligations that were concluded or arose prior to the making of a freezing order,
that financial institution or a person engaged in other business activity shall immediately notify the Financial Intelligence Authority.
(5) A financial institution or a person engaged in other business activity that contravenes subsection (4) commits an offence and is liable, on conviction on indictment, to a fine not exceeding one million dollars.