Commentary on Sections and Schedules Part 1 – Terrorist Asset-Freezing Prohibitions Section 11 – Freezing of funds and economic resources
32.Sections 11 to 15 set out the main consequences of a person being subject to an interim designation or a final designation. Section 11 makes it an offence for a person to deal with funds or economic resources owned, held or controlled by a designated person if the person who is dealing knows, or has reasonable cause to suspect, that the funds or economic resources in question are owned, held or controlled by a designated person (subsections (1) and (4)). The terms “funds” and “economic resources” are defined in section 39.
33.Subsection (2) provides the meaning of “deal with” for the purpose of section 11.
34.Subsection (3) states that the offence in subsection (1) is subject to the provisions of section 16 (which set out exceptions to this and the offences in sections 12 and 13) and section 17 (which permits activities which would otherwise fall within the offences in section 11 to 15 to be permitted by licence from the Treasury).