Freezing funds and making funds available

Freezing funds and economic resources27

1

A person to whom this Order applies (“P”), including the designated person, commits an offence if P deals 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 this article, “deals 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 a change in 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, use to obtain funds, goods or services in any way, including by selling, hiring or mortgaging the resources.

3

Paragraph (1) is subject to article 43 (licences).