OpenLegislation

Regulation 88 Treasury licencesI1I2

United Kingdom

(1)

The prohibitions in regulations 13 to 17 (asset-freeze etc.), regulation 70 (dealing with UN-designated ships subject to asset-freeze) and in the financial services provisions do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.

(2)

Paragraphs (3) and (4) apply to the issuing of a licence which authorises acts which would otherwise be prohibited by regulations 13 to 17.

(3)

The Treasury may issue a licence which authorises acts by a particular person in relation to a non-UN designated person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in F1Part 1 or 2 of Schedule 3.

(4)

The Treasury may issue a licence which authorises acts in relation to a UN designated person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1 F2or 1A of Schedule 3.

(5)

The Treasury may issue a licence which authorises acts which would otherwise be prohibited by regulation 28 only where it considers it appropriate in the following circumstances—

(a)

for a transfer of funds of a value over £13,000, which relates to a transaction mentioned in regulation 83(2),

(b)

for a transfer of funds of a value over £4,000, which relates to a transaction regarding a personal remittance, or

(c)

to enable anything to be done in connection with the performance of—

(i)

any humanitarian assistance activity, or

(ii)

any activity whose purpose is consistent with the objectives of resolution 1718, 1874, 2087, 2094, 2270, 2321, 2356, 2371, 2375 or 2397.

(6)

In paragraph (1) “the financial services provisions” means regulations 18, 20 to 22 and 24 to 30, excluding regulation 26(7).

(7)

In paragraph (4) “UN designated person” means—

(a)

a person who is a designated person for the purposes of regulations 13 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or

(b)

a person who is designated under regulation 5 (power to designate persons) for the purposes of regulations 13 to 17 and whose designation is (in the opinion of the Secretary of State) required by paragraph 32 of resolution 2270 or a provision mentioned in regulation 4(4).

F3(8)

The reference in paragraph (3) to a non-UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.

(9)

The reference in paragraph (4) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person.

Annotations

Textual amendments

F1

Words in reg. 88(3) substituted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 3(10)(a)

F2

Words in reg. 88(4) inserted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 3(10)(b)

F3

Reg. 88(8)(9) inserted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 3(10)(c)

Commencement

I1

Reg. 88 not in force at made date, see reg. 1(2)

I2

Reg. 88 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)