(1)A person (“P”) must not deal with funds or economic resources owned, held or controlled by a designated person if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.
(2)In subsection (1) “deal with” means—
(a)in relation to funds—
(i)use, alter, move, allow access to or transfer,
(ii)deal with the funds 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;
(b)in relation to economic resources, exchange or use in exchange for funds, goods or services.
(3)Subsection (1) is subject to sections 16 and 17 (exceptions and licences).
(4)A person who contravenes the prohibition in subsection (1) commits an offence.
(1)A person (“P”) must not make funds or financial services available (directly or indirectly) to a designated person if P knows, or has reasonable cause to suspect, that P is making the funds or financial services so available.
(2)Subsection (1) is subject to sections 16 and 17 (exceptions and licences).
(3)A person who contravenes the prohibition in subsection (1) commits an offence.
(1)A person (“P”) must not make funds or financial services available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the funds or financial services so available.
(2)For the purposes of this section—
(a)funds are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and
(b)“financial benefit” includes the discharge of a financial obligation for which the designated person is wholly or partly responsible.
(3)Subsection (1) is subject to sections 16 and 17 (exceptions and licences).
(4)A person who contravenes the prohibition in subsection (1) commits an offence.
(1)A person (“P”) must not make economic resources available (directly or indirectly) to a designated person if P knows, or has reasonable cause to suspect—
(a)that P is making the economic resources so available, and
(b)that the designated person would be likely to exchange the economic resources, or use them in exchange, for funds, goods or services.
(2)Subsection (1) is subject to section 17 (licences).
(3)A person who contravenes the prohibition in subsection (1) commits an offence.
(1)A person (“P”) must not make economic resources available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the economic resources so available.
(2)For the purposes of this section—
(a)economic resources are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and
(b)“financial benefit” includes the discharge of a financial obligation for which the designated person is wholly or partly responsible.
(3)Subsection (1) is subject to section 17 (licences).
(4)A person who contravenes the prohibition in subsection (1) commits an offence.