Regulation 20 Making funds available for benefit of designated personsI1

United Kingdom

(1)

A person (“P”) must not make relevant funds 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 funds so available.

(2)

Paragraph (1) is subject to Part 8 (Exceptions and licences).

(3)

A person who contravenes the prohibition in paragraph (1) commits an offence.

(4)

In paragraph (1), “relevant funds” has the same meaning as in regulation 19 (making funds available to designated persons).

(5)

For the purposes of paragraph (1)—

(a)

funds 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.

Annotations

Commencement

I1: Reg. 20 in force at 31.12.2020 on IP completion day, see reg. 1(3)