Paragraph 19A F1

For regulation 41A (finance: exception from prohibitions for required payments) substitute—

“Finance: exception from prohibitions for required payments

41A

(1)

This regulation applies to required payments within the meaning of paragraph (2).

(2)

A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to—

(a)

a government department or body,

(b)

a customs authority,

(c)

a revenue authority,

(d)

a registrar of companies,

(e)

a financial regulator,

(f)

a land authority, or

(g)

a consolidated fund.

(3)

The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment.

(4)

Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person.

(5)

The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf.

(6)

For the purposes of this regulation, references to a designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

(7)

In this regulation—

• “designated person” has the same meaning as it has in Part 3 (finance);

• “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.”.