PART 2Funds and Economic Resources
Freezing of funds and economic resources3
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 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).