Regulation 3 Freezing of funds and economic resources
(1)
A person (“P”) must not deal with funds or economic resources belonging to, or owned, held or controlled by, a designated person if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.
(2)
In paragraph (1) “deal with” means—
(a)
in relation to funds—
(i)
use, alter, move, allow access to or transfer;
(ii)
deal with the funds in any other way that would result in any change of volume, amount, location, ownership, possession, character or destination; or
(iii)
make any other change that would enable use, including portfolio management; and
(b)
in relation to economic resources, exchange, or use in exchange, for funds, goods or services.
(3)
Paragraph (1) is subject to regulation 9.