PART 3Finance
Making economic resources available for benefit of designated persons15.
(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 5 (Exceptions and licences).
(3)
A person who contravenes the prohibition in paragraph (1) commits an offence.
F1(3A)
The reference in paragraph (1) to making economic resources available to any person for the benefit of a designated person includes making economic resources available for the benefit of a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (and references to designated person in paragraph (4) are to be read accordingly).
(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.