A person who, except under the authority of a licence granted by the Treasury under this article, makes funds available to or for the benefit of a designated person or any person acting on behalf of a designated person is guilty of an offence.

A licence must be in writing, may be subject to conditions and may be limited so as to expire on a specified date unless renewed.

The Treasury may vary or revoke a licence at any time by giving written notice to each recipient of the licence.

Notice may be given by post and is deemed to have been given to a person if it is sent to him at his last known address.