Making funds available for the benefit of a designated person
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Memorandwm Esboniadol
5.—(1) A person (“P”) must not make funds 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 so available.
(2) For the purposes of this regulation—
(a)funds are made available for the benefit of the 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) Paragraph (1) is subject to regulations 8 and 9.