Section 40, Funds and Other Related Measures) Regulations, 2013

(1) A person or reporting entity shall not deal with fundsor other assets owned, held or controlled by a designated person or entity if that person or reporting entity knows, or ought to know or has reasonable cause to suspect, that the person or entity is dealing with funds or economic resources of a designated person or entity. (2) For the purposes of this Regulation “deal with” means– 14 15 Funds credited as receipts. Funds or assets made available to designated persons. Funds or other assets owned , held or controlled by designated person or entity. Aiding and abetting concealment of funds. Penalty. (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 their volume, amount, location, ownership, possession, character or destination, or (iii) make any other change that would enable use of the funds, including by way of, or in the course of portfolio management; or (b) in relation to other assets, exchange, or use in exchange, for funds, goods or services.