PART 3Prohibitions and licences
Freezing funds and economic resources of designated persons7
1
2
The prohibition in paragraph (1) applies in respect of—
a
any designated person;
b
any person owned or controlled, directly or indirectly, by a designated person; and
c
any person acting on behalf or at the direction of a designated person.
3
A person who contravenes the prohibition in paragraph (1) is guilty of an offence.
4
In proceedings for an offence under this article, it is a defence for a person to show that he did not know and had no reasonable cause to suspect that he was dealing with funds or economic resources belonging to, owned or held by a person referred to in paragraph (2).
5
This article is subject to article 5(2).
6
In this article, “deal with” means—
a
in respect of funds—
i
use, alter, move, allow access to or transfer;
ii
deal with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or
iii
make any other change that would enable use, including portfolio management; and
b
in respect of economic resources, use to obtain funds, goods or services in any way, including (but not limited to) by selling, hiring or mortgaging the resources.