C1C2C3Part 1Terrorist Asset-Freezing

Annotations:
Modifications etc. (not altering text)
C1

Pt. 1 extended (Isle of Man) (with modifications) (17.3.2011) by The Terrorist Asset-Freezing etc. Act 2010 (Isle of Man) Order 2011 (S.I. 2011/749), arts. 1, 2, Schs.

C3

Pt. 1 extended (Guernsey) (with modifications) (8.4.2011, with effect in accordance with art. 4 of the commencing S.I.) by The Terrorist Asset-Freezing etc. Act 2010 (Guernsey) Order 2011 (S.I. 2011/1082), arts. 1(2), 3, 4, Schs.

CHAPTER 2Prohibitions in relation to designated persons

Prohibitions

11Freezing of funds and economic resources

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.

12Making funds or financial services available to designated person

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.

13Making funds or financial services available for benefit of designated person

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.

14Making economic resources available to designated person

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.

15Making economic resources available for benefit of designated person

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.