Regulation 28 Prohibitions in relation to certain countries
(1)
The Treasury may direct any person who carries on relevant business—
(a)
not to enter a business relationship;
(b)
not to carry out any one-off transaction; or
(c)
not to proceed any further with a business relationship or one-off transaction;
in relation to a person who is based or incorporated in a country (other than an EEA State) to which the Financial Action Task Force has decided to apply counter-measures.
(2)
A person who fails to comply with a Treasury direction is to be treated as having contravened regulation 3.