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The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019

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Changes over time for: Section 15

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Point in time view as at 31/12/2020.

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There are currently no known outstanding effects for the The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019, Section 15. Help about Changes to Legislation

Making funds available for benefit of designated personU.K.

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15.—(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) Paragraph (1) is subject to Part 9 (Exceptions and licences).

(3) A person who contravenes the prohibition in paragraph (1) commits an offence.

(4) For the purposes of this regulation—

(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 (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.

Commencement Information

I1Reg. 15 not in force at made date, see reg. 1(2)

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