{
  "url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-4-regulations-2023/regulation-21",
  "json_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-4-regulations-2023/regulation-21.json",
  "legislation": "uksi/2023/1364",
  "legislation_title": "The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023",
  "legislation_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-4-regulations-2023",
  "path": "regulation/21",
  "kind": "regulation",
  "number": "21",
  "heading": "Amendment of regulation 88C (Treasury: power to impose penalties)",
  "text": "(1) Regulation 88C is amended as follows.\n(2) After paragraph (1) insert—\n“(1A) The Treasury may impose a monetary penalty on a person if they are satisfied, on the balance of probabilities, that the person has committed an offence under regulation 70A (designated persons: reporting obligations).”.\n(3) After paragraph (2) insert—\n“(2A) For the purposes of paragraph (1A), any requirement for the person to have acted without reasonable excuse, or with knowledge or recklessness, is to be ignored.”.\n(4) In paragraph (5), after “(1)” insert “, (1A)”.\n(5) After paragraph (6) insert—\n“(6A) Where it is possible to estimate the value of the funds or economic resources which the Treasury have not been informed of under regulation 70A(1), (2) or (5) (as the case may be), the permitted maximum is the greater of—\n(a) £1,000,000, and\n(b) 50% of the value of the funds or economic resources which the Treasury have not been informed of.”.\n(6) In paragraph (10)(b)—\n(a) for “is satisfied” substitute “are satisfied”;\n(b) after “(1)” insert “, (1A)”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1364/regulation/21",
    "retrieved_at": "2026-10-28T21:37:07.977889+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}