Interpretation
Section 39 – Meaning of “funds” and “economic resources”
89.This section defines what is meant for the purposes of Part 1 of the Act by “funds” and “economic resources”, such terms being integral to the prohibitions in sections 11 to 15 of the Act.
Section 40 – Meaning of “financial services”
90.This section defines what is meant for the purposes of Part 1 by “financial services”. This is a key term for the purposes of the prohibitions in sections 12 and 13 of the Act.
Section 41 – Meaning of “relevant institution”
91.This section defines what is meant for the purposes of Part 1 by “relevant institution”. This is a key term for the provisions in section 19 (reporting obligations of relevant institutions). The definition of relevant institutions includes those authorised under the Financial Services and Markets Act 2000 to carry on a regulated activity (as defined under section 22 of that Act), and Money Exchange bureaux.
Section 42 – Interpretation: general
92.This section contains definitions for the purposes of Part 1 of the Act, including a definition of “the relevant Security Council resolutions” (subsection (2)). Subsection (3) gives the Treasury the power, exercisable by Order, to amend the list of relevant Security Council resolutions in that definition.
