Regulation 88C Treasury: power to impose monetary penaltiesF1

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 46Z9B, 46Z9C or 46Z9D (maritime transportation of certain oil and oil products).

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).

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 18 (investments in relation to non-government controlled Ukrainian territory) or 18B (investments in relation to Russia) by carrying on an activity mentioned in regulation 18(2)(a) or 18B(2)(a) or (b).

For the purposes of paragraph (1), any defence that the person did not know and had no reasonable cause to suspect that an offence referred to in that paragraph had been committed is to be ignored.

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.

For the purposes of paragraph (1B), any requirement imposed by the provisions mentioned there for the person to have known or suspected any matter is to be ignored.

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—

in so far as the relevant activity relates to an offence referred to in paragraph (1).

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—

in so far as the relevant activity relates to an offence referred to in paragraph (1B).

For the purposes of paragraph (3A), any requirement imposed by or by virtue of the provisions mentioned in sub-paragraphs (a) - (d) for the person to have acted without reasonable excuse, or with knowledge or recklessness, is to be ignored.

In F7paragraphs (3) and (3A), “relevant activity” means an activity which contravenes a prohibition specified in sub-paragraph (a), (b), (c) or (d) of that paragraph.

The amount of the penalty under paragraph (1) F8, (1A) F9, (1B), (3) or (3A) is to be such amount as the Treasury may determine but it may not exceed the permitted maximum.

Where it is possible to estimate the value of the breach of the prohibition specified in paragraph (1) F10, (1B), (3) or (3A), the permitted maximum is the greater of—

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—

In any other case, the permitted maximum is £1,000,000.

Any monetary penalty payable under this regulation is recoverable by the Treasury as a civil debt.

Any monetary penalty received by the Treasury by virtue of this regulation must be paid into the Consolidated Fund.

The Treasury may publish reports at such intervals as it considers appropriate in cases where—