Finance: exceptions for authorised conduct outside the Territory17A

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—

  1. a

     any of the Channel Islands,

  2. b

     the Isle of Man, or

  3. 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.