PART 4Finance

CHAPTER 1Asset-freeze etc.

Making funds available for benefit of designated personI1I215

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.