25.—(1) A person (“P”) must not deal with the funds or economic resources owned, held or controlled by, Usama bin Laden at the time of his death, or which after his death formed all or part of his estate, if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.
(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 paragraph (1) a person “deals with” funds if the person—
(a)uses, alters, moves, transfers or allows access to the funds,
(b)deals with the funds in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination, or
(c)makes any other change, including portfolio management, that would enable use of the funds.
(5) For the purposes of paragraph (1) a person “deals with” economic resources if the person—
(a)exchanges the economic resources for funds, goods or services, or
(b)uses the economic resources in exchange for funds, goods or services (whether by pledging them as security or otherwise).
Commencement Information
I1Reg. 25 not in force at made date, see reg. 1(2)
I2Reg. 25 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)
26.—(1) A person must not intentionally participate in activities knowing that the object or effect of them is, whether directly or indirectly—
(a)to circumvent the prohibition in regulation 25, or
(b)to enable or facilitate the contravention of that prohibition.
(2) A person who contravenes the prohibition in paragraph (1) commits an offence.
Commencement Information
I3Reg. 26 not in force at made date, see reg. 1(2)
I4Reg. 26 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)