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Terrorist Asset-Freezing etc. Act 2010

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Changes over time for: Section 11

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Version Superseded: 31/12/2020

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Status:

Point in time view as at 17/12/2010. This version of this provision has been superseded. Help about Status

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There are currently no known outstanding effects for the Terrorist Asset-Freezing etc. Act 2010, Section 11. Help about Changes to Legislation

11Freezing of funds and economic resourcesU.K.
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(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.

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