Regulation 15 Making economic resources available for benefit of designated personsX1
United Kingdom
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.
Paragraph (1) is subject to Part 5 (Exceptions and licences).
A person who contravenes the prohibition in paragraph (1) commits an offence.
For the purposes of paragraph (1)—
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
“financial benefit” includes the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.
Annotations
Editorial notes
- X1
This statutory instrument was made under a procedure whereby it ceases to have effect at the end of the period of 28 days beginning with the day on which it was made unless, during that period, the instrument is approved by a resolution of each House of Parliament. It was not approved by Parliament within that period and so has ceased to have effect.