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The Libya (Sanctions) (EU Exit) Regulations 2020

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Changes over time for: Section 56

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The Libya (Sanctions) (EU Exit) Regulations 2020, Section 56 is up to date with all changes known to be in force on or before 30 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Finance: reporting obligationsU.K.

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56.—(1) 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), regulation 38(3) (financial transactions in relation to Libyan oil) or regulation 52 (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 or a relevant account in accordance with regulation 43(4) (finance: exceptions from prohibitions), or

(b)transfers funds from a frozen account or a relevant account in accordance with regulation 43(6).

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

(7) In this regulation, the following terms have the same meaning as they have in regulation 43—

  • “designated person”;

  • “frozen account”;

  • “relevant account”;

  • “relevant institution”.

(8) For the purposes of this regulation, “relevant firm” is to be read in accordance with regulation 57.

Commencement Information

I1Reg. 56 in force at 31.12.2020 on IP completion day, see reg. 1(3)

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