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The Ukraine (Sanctions) (Overseas Territories) (No. 2) Order 2014
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Dealing with funds and economic resources
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4.—(1) It is an offence for a person (“P”), including the designated person, to deal with funds or economic resources belonging to, or 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 paragraph (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 a 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 relation to economic resources, use to obtain funds, goods or services in any way, including by selling, hiring or mortgaging the resources.
(3) It is an offence for a person (“P”) to make funds or economic resources available (directly or indirectly) to a designated person if P knows, or has reasonable cause to suspect, that—
(a)P is making the funds or economic resources so available, and
(b)in the case of economic resources, the designated person would be likely to exchange them, or use them in exchange, for funds, goods or services.
(4) It is an offence for a person (“P”) to make funds or economic resources available (directly or indirectly) 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 economic resources so available.
(5) For the purposes of paragraph (4)—
(a)funds or economic resources are made available for the benefit of a designated person only if that person obtains, or is able to obtain, a significant financial benefit from the funds or economic resources, and
(b)“financial benefit” includes the discharge of a financial obligation for which the designated person is wholly or partly responsible.
(6) No liability arises for any person concerned in the freezing of funds or economic resources in accordance with this article unless it is proved that the funds or economic resources were frozen or withheld as a result of negligence.
(7) This article is subject to articles 5, 7 and 8.
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