3.—(1) A person (“P”) must not deal with funds or economic resources 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 in their 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 (licences).