20.—(1) Subject to paragraph (2), the instruments mentioned in Schedule 2 are amended or revoked as set out in that Schedule.

(2) Where a direction made by the Treasury under article 8 of the 2002 Order had effect immediately before the coming into force of this Order, the instruments mentioned in Schedule 2 continue to apply for the purposes of that direction as if they had not been amended by paragraph (1).

(3) Where a licence granted by the Treasury under article 7 of the 2002 Order in respect of a person designated by the Sanctions Committee had effect immediately before the coming into force of this Order, the licence shall continue to apply as if it had been granted under article 11 of this Order.