PART 3Finance
Making funds or financial services available for the benefit of designated persons13
1
A person (“P”) must not make funds or financial services 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 funds or financial services so available.
2
Paragraph (1) is subject to Part 6 (exceptions and licences).
3
A person who contravenes the prohibition in paragraph (1) commits an offence.
4
For the purposes of this regulation—
a
funds 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 (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.