Regulation 13 Foreign exchange reserve and asset management

After regulation 15C (insurance and reinsurance services), insert—

“Provision of financial services relating to foreign exchange reserve and asset management

15CA.

(1)

A person (“P”) must not provide financial services to a person mentioned in paragraph (2) where—

(a)

the financial services are for the purpose of foreign exchange reserve and asset management; and

(b)

P knows, or has reasonable cause to suspect, that the financial services are provided to such a person.

(2)

The persons mentioned in this paragraph are—

(a)

the National Bank of Belarus,

(b)

the Ministry of Finance of Belarus,

(c)

a person owned or controlled directly or indirectly (within the meaning of regulation 7) by a person mentioned in sub-paragraphs (a) or (b), or

(d)

a person acting on behalf of or at the direction of a person mentioned in sub-paragraphs (a) or (b).

(3)

Paragraph (1) is subject to Part 6 (Exceptions and licences).

(4)

A person who contravenes the prohibition in paragraph (1) commits an offence.”.