The Belarus (Restrictive Measures) (Overseas Territories) Order 2011

DISCLOSURE BY FINANCIAL INSTITUTIONS

Failure to disclose knowledge or suspicion

21.—(1) If a relevant institution knows or suspects that a relevant person—

(a) is a listed person, or

(b) has committed an offence under article 15(2), 16(2), 18 or 22(1) or (2),

it shall disclose to the Governor the information or other matter specified in paragraph (2) as soon as is reasonably practicable after that information or other matter comes to its attention.

(2) A relevant institution, when it makes a disclosure to the Governor under paragraph (1), shall state—

(a) the information or other matter on which the knowledge or suspicion is based;

(b) any information it holds about the relevant person by which the person can be identified; and

(c) where the relevant person is a listed person, the nature and amount or quantity of any funds or economic resources held by the relevant institution for that person since the person first became a listed person.

(3) A relevant institution shall inform the Governor without delay if it credits a frozen account in accordance with article 17(2).

(4) A relevant institution which fails to comply with the requirement in paragraph (1), (2) or (3) is guilty of an offence under this Order.

(5) In this paragraph “relevant person” means—

(a) a customer of a relevant institution;

(b) a person who has been a customer of a relevant institution at any time on or after 20th May 2006(1) and has ceased to be a customer; or

(c) a person with whom a relevant institution has had dealings in the course of business on or after that date.

(6) Where a relevant institution discloses to the Governor—

(a) its knowledge or suspicion that a person is a listed person or a person who has committed an offence under article 15(2), 16(2), 18, 22(1) or 22(2); or

(b) any information or other matter on which that knowledge or suspicion is based; or

(c) any other information pursuant to paragraph (2) above,

the disclosure shall not be treated as a breach of any restriction imposed by statute or otherwise.

(1)

This is the date on which the Regulation came into force.