Making funds available for the benefit of a designated person5

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.