The Nicaragua (Sanctions) (Overseas Territories) (No. 2) Order 2020 No. 1269

SCHEDULE 2 Modifications to be made in the extension of the Nicaragua (Sanctions) (EU Exit) Regulations 2020 to each British overseas territory listed in Schedule 1

13.  For regulation 18A (finance: exception for authorised conduct in a relevant country) substitute—

“Finance: exceptions for authorised conduct outside the Territory

18A.— (1) Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 20 (Treasury licences) (as it has effect in the United Kingdom).

(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

(a) under the law of the relevant country, and

(b) for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.

(3) In this regulation—

“relevant country” means—

(a)

any of the Channel Islands,

(b)

the Isle of Man, or

(c)

any British overseas territory other than the Territory.”