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The Libya (European Union Financial Sanctions) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 45
- PART 2
- Regulation 7
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Making economic resources available for the benefit of a designated person
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7.—(1) A person (“P”) must not make economic resources available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the economic resources so available.
(2) For the purposes of this regulation—
(a)economic resources are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and
(b)“financial benefit” includes the discharge, in whole or in part, of a financial obligation for which the designated person is wholly or partly responsible.
(3) Paragraph (1) is subject to regulation 9.
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