with’ In relation to funds, is defined by the legislation as: ‘deal using, altering, moving, allowing access to or transferring; dealing with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or making any other change that would enable use, including portfolio management. In relation to economic resources, 'deal with' is defined as: using to obtain funds, goods, or services in any way, including (but not limited to) by selling, hiring or mortgaging the resources. Financial services are defined broadly and include advisory services such as providing advice on: acquisitions; and corporate restructuring and strategy. 8.10.2 Obtaining a licence from the Office of Financial Sanctions Implementation (OFSI) You must not proceed with a transaction without a licence from the OFSI Freezing Unit where a client or the intended recipient of funds from the transaction is identified as a designated person. You must do all of the following: suspend the transaction pending advice from the Asset Freezing Unit; contact the Asset Freezing Unit to seek a licence to deal with the funds; and consider whether you have a suspicion of money laundering or terrorist financing which requires a report to the NCA You must not return to the designated person without the approval of the Asset Freezing Unit The Freezing Unit has the power to grant licences exempting certain transactions from the financial restrictions. Requests are considered on a basis, to ensure that there is no risk of funds being diverted to terrorism. Contact the Asset Freezing Unit to request a licence or obtain advice regarding financial restrictions at: Asset Freezing Unit Fax 020 7451 7677 Email Address Office of Financial Sanctions Implementation HM Treasury 1 Guards Road
In relation to funds, ‘deal with’ is defined by the legislation as: using, altering, moving, allowing access to or transferring; dealing with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or making any other change that would enable use, including portfolio management. In relation to economic resources, 'deal with' is defined as: using to obtain funds, goods, or services in any way, including (but not limited to) by selling, hiring or mortgaging the resources. Financial services are defined broadly and include advisory services such as providing advice on: acquisitions; and corporate restructuring and strategy. 8.10.2 Obtaining a licence from the Office of Financial Sanctions Implementation (OFSI) You must not proceed with a transaction without a licence from the OFSI Freezing Unit where a client or the intended recipient of funds from the transaction is identified as a designated person. You must do all of the following: suspend the transaction pending advice from the Asset Freezing Unit; contact the Asset Freezing Unit to seek a licence to deal with the funds; and consider whether you have a suspicion of money laundering or terrorist financing which requires a report to the NCA You must not return to the designated person without the approval of the Asset Freezing Unit The Freezing Unit has the power to grant licences exempting certain transactions from the financial restrictions. Requests are considered on a basis, to ensure that there is no risk of funds being diverted to terrorism. Contact the Asset Freezing Unit to request a licence or obtain advice regarding financial restrictions at: Asset Freezing Unit Fax 020 7451 7677 Email Address Office of Financial Sanctions Implementation HM Treasury 1 Guards Road