Reg. 40 in force at 31.12.2020 by S.I. 2020/1514, reg. 15(2)

http://www.legislation.gov.uk/uksi/2020/753/regulation/40The Sudan (Sanctions) (EU Exit) Regulations 2020texttext/xmlenEXITING THE EUROPEAN UNIONSANCTIONSStatute Law Database2024-08-19Expert Participation2024-06-05These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime in relation to Sudan for the purposes of implementing many of the obligations that the United Kingdom has under UN Security Council Resolutions 1556 (2004), 1591 (2005), 1672 (2006) and 2035 (2012). They also have the purposes of promoting the peace, security and stability of Sudan, encouraging the resolution of the armed conflicts in Sudan and the stabilisation of Sudan, promoting respect for democracy, the rule of law and good governance in Sudan and other related purposes.PART 7Information and records40Finance: reporting obligations1

A relevant firm must inform the Treasury as soon as practicable if—

a

it knows, or has reasonable cause to suspect, that a person—

i

is a designated person, or

ii

has committed an offence under any provision of Part 3 (Finance) or regulation 37 (finance: licensing offences), and

b

the information or other matter on which the knowledge or cause for suspicion is based came to it in the course of carrying on its business.

2

Where a relevant firm informs the Treasury under paragraph (1), it must state—

a

the information or other matter on which the knowledge or suspicion is based, and

b

any information it holds about the person by which the person can be identified.

3

Paragraph (4) applies if—

a

a relevant firm informs the Treasury under paragraph (1) that it knows, or has reasonable cause to suspect, that a person is a designated person, and

b

that person is a customer of the relevant firm.

4

The relevant firm must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.

5

A relevant institution must inform the Treasury without delay if that institution—

a

credits a frozen account in accordance with regulation 31(4) (finance: exceptions from prohibitions), or

b

transfers funds from a frozen account in accordance with regulation 31(6).

6

A person who fails to comply with a requirement in paragraph (1), (2) or (4) commits an offence.

7

In this regulation—

designated person” has the same meaning as it has in Part 3 (Finance);

frozen account” has the same meaning as it has in regulation 31;

relevant firm” is to be read in accordance with regulation 41;

relevant institution” has the same meaning as it has in regulation 31.

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Reg. 40 in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514">S.I. 2020/1514</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514/regulation/15/2">reg. 15(2)</ref>
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40
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<heading>Finance: reporting obligations</heading>
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<num>1</num>
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<p>A relevant firm must inform the Treasury as soon as practicable if—</p>
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<p>it knows, or has reasonable cause to suspect, that a person—</p>
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<p>Where a relevant firm informs the Treasury under paragraph (1), it must state—</p>
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<p>Paragraph (4) applies if—</p>
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<num>a</num>
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<p>a relevant firm informs the Treasury under paragraph (1) that it knows, or has reasonable cause to suspect, that a person is a designated person, and</p>
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<p>The relevant firm must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.</p>
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<p>A relevant institution must inform the Treasury without delay if that institution—</p>
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<num>a</num>
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<p>credits a frozen account in accordance with regulation 31(4) (finance: exceptions from prohibitions), or</p>
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<p>transfers funds from a frozen account in accordance with regulation 31(6).</p>
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<p>A person who fails to comply with a requirement in paragraph (1), (2) or (4) commits an offence.</p>
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<p>In this regulation—</p>
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