Regulation 19 Making funds available to designated personsI1
United Kingdom
A person (“P”) must not make relevant funds available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available.
Paragraph (1) is subject to Part 8 (Exceptions and licences).
A person who contravenes the prohibition in paragraph (1) commits an offence.
For the purposes of paragraph (1), “relevant funds” are—
interest or other earnings due on funds held in a relevant account (within the meaning of regulation 18) which are frozen by virtue of regulation 18(1), and
funds due to a designated person by virtue of an obligation which arose prior to the date on which the person became a designated person.
The reference in paragraph (1) to making funds available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.
Annotations
Commencement
- I1
Reg. 19 in force at 31.12.2020 on IP completion day, see reg. 1(3)