Regulation 3 Freezing funds and economic resources of designated persons

(1)

A person must not deal with funds or economic resources belonging to, or owned, held, or controlled by, a designated person.

(2)

In paragraph (1) “deal with” means—

(a)

in respect of funds—

(i)

use, alter, move, allow access to or transfer;

(ii)

deal with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or

(iii)

make any other change that would enable use, including portfolio management; and

(b)

in respect of economic resources, exchange or use to obtain funds, goods or services in any way, including (but not limited to) by selling, hiring or mortgaging the resources.

(3)

It is an offence for a person to contravene the prohibition in paragraph (1) knowing, or having reasonable cause to suspect, that the funds or economic resources belonged to or were owned, held or controlled by a designated person.