Regulation 12 Making funds available to designated personI1I2
United Kingdom
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.
Annotations
Commencement
- I1
Reg. 12 not in force at made date, see reg. 1(2)
- I2
Reg. 12 in force at 31.12.2020 by S.I. 2019/627, reg. 13(2); 2020 c. 1, Sch. 5 para. 1(1)