- 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This is the original version (as it was originally made).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.
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 a change in volume, amount, location, ownership, possession, character or destination, or
(iii)make any other change that would enable use, including portfolio management;
(b)in relation to economic resources, exchange or use in exchange for funds, goods or services.
(3) Paragraph (1) is subject to regulation 9.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Click 'View More' or select 'More Resources' tab for additional information including: