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The Al-Qaida (Asset-Freezing) Regulations 2011

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Al-Qaida (Asset-Freezing) Regulations 2011 No. 2742

Freezing of funds and economic resources

This sectionnoteType=Explanatory Memorandum has no associated

3.  (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.

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