Making economic resources available for benefit of designated personsU.K.
16.—(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) Paragraph (1) is subject to Part 6 (Exceptions and licences).
(3) A person who contravenes the prohibition in paragraph (1) commits an offence.
(4) For the purposes of paragraph (1)—
(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 (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.
Commencement Information
I1Reg. 16 not in force at made date, see reg. 1(2)
I2Reg. 16 in force at 31.12.2020 by S.I. 2020/1514, reg. 20(2)