Regulation 12 Making funds available to designated personsI1

A person (“P”) must not make 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 6 (Exceptions and licences).

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

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.