Section 12

A person (“P”) must not make funds available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available. Paragraph (1) is subject to Part 7 (Exceptions and licences). A person who contravenes the prohibition in paragraph (1) commits an offence. The reference in paragraph (1) to making funds available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

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Source: legislation.gov.uk · retrieved 2026-08-30