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The Iran (Restrictive Measures) (Overseas Territories) Order 2011

The Iran (Restrictive Measures) (Overseas Territories) Order 2011 reg 4

reg 4 Freezing funds and economic resources

(1) A person (“P”) (including a listed person) must not deal with funds or economic resources belonging to, or owned, held or controlled by, a listed person if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources. (2) A person who contravenes the prohibition in paragraph (1) shall be guilty of an offence under this Order. (3) In this article, “to deal with” means— (a) in respect of funds— (i) to use, alter, move, allow access to or transfer; (ii) to deal with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or (iii) to make any other change that would enable use, including portfolio management; and (b) in respect of economic resources, to exchange or use in exchange for funds, goods or services. (4) Paragraph (1) is subject to articles 6 and 9.

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