- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
7. Any person who, except under the authority of a licence granted by the Treasury under this article, makes any funds available to or for the benefit of a listed person or any person acting on behalf of a listed person is guilty of an offence under this Order.
8.—(1) Where the Treasury have reasonable grounds for suspecting that the person by, for or on behalf of whom any funds are held is or may be a listed person or a person acting on behalf of a listed person, the Treasury may by notice direct that those funds are not to be made available to that person, except under the authority of a licence granted by the Treasury under article 7.
(2) A direction given under paragraph (1) shall specify either—
(a)the period for which it is to have effect; or
(b)that the direction is to have effect until it is revoked by notice under paragraph (3).
(3) The Treasury may by notice revoke a direction under paragraph (1) at any time.
(4) The expiry or revocation of a direction shall not affect the application of article 7 in respect of the funds in question.
(5) A notice under paragraph (1) or (3) shall be given in writing to the person holding the funds in question (“the recipient”), and shall require the recipient to send a copy of the notice without delay to the person whose funds they are, or on whose behalf they are held (“the owner”).
(6) A recipient shall be treated as complying with that requirement if, without delay, he sends a copy of the notice to the owner at his last-known address or, if he does not have an address for the owner, he makes arrangements for a copy of the notice to be supplied to the owner at the first available opportunity.
(7) Where a direction has been given under paragraph (1), any person by, for or on behalf of whom those funds are held may apply to the High Court, or in Scotland, to the Court of Session, for the direction to be set aside; and on such application the court may set aside the direction.
(8) A person who makes an application under paragraph (7) shall give a copy of the application and any witness statement or affidavit in support to the Treasury (and to any other person by, for or on behalf of whom those funds are held), not later than seven days before the date fixed for the hearing of the application.
(9) Any person who contravenes a direction under paragraph (1) is guilty of an offence under this Order.
(10) A recipient who fails to comply with such a requirement as is mentioned in paragraph (5) is guilty of an offence under this Order.
9. Any person who knowingly and intentionally engages in any activities the object or effect of which is to enable or facilitate the commission (by that person or another) of an offence under article 7 or 8(9) is guilty of an offence under this Order.
10.—(1) A relevant institution is guilty of an offence if—
(a)it knows or suspects that a person who is, or has been at any time since the coming into force of this Order, a customer of the institution, or is a person with whom the institution has had dealings in the course of its business since that time—
(i)is a listed person; or
(ii)is a person acting on behalf of a listed person; or
(iii)has committed an offence under article 7, 8(9) or 12(2); and
(b)it does not disclose to the Treasury the information or other matter on which the knowledge or suspicion is based as soon as is reasonably practicable after that information or other matters comes to its attention.
(2) Where a relevant institution discloses to the Treasury—
(a)its knowledge or suspicion that a person is a listed person, a person acting on behalf of a listed person, or a person who has committed an offence under article 7, 8(9) or 12(2), or
(b)any information or other matter on which that knowledge or suspicion is based,
the disclosure shall not be treated as a breach of any restriction imposed by statute or otherwise.
Click 'View More' or select 'More Resources' tab for additional information including: