12Prohibition relating to dealings with designated person or entities

12 Prohibition relating to dealings with designated person or entities

(1) A person contravenes this subregulation if: (a) the person directly or indirectly makes an asset available to, or for the benefit of: (i) a designated person; or (ii) a person or entity acting on behalf of or at the direction of a designated person; or (iii) an entity owned or controlled by a designated person; and (b) the making of the asset available is not an authorised dealing. (2) Regulation 13A (extra‑territorial effect) applies to subregulation (1) of this regulation. (3) For the purposes of this regulation, making an asset available is an authorised dealing if making the asset available is authorised by: (a) a permit granted under regulation 13; or (b) if the making of the asset available takes place in or from a foreign country—a permit: (i) granted by the foreign country; and (ii) properly granted by the foreign country; and (iii) granted in a way that accords with the foreign country’s obligations under resolutions relating to Lebanon, as existing from time to time.