SCHEDULE 2 Modifications to be made in the extension of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1
14 For regulation 17A (finance: exception for authorised conduct in a relevant country) substitute—

“17A Finance: exceptions for authorised conduct outside the Territory
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 19 (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.
4 Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.”