The Russia (Sanctions) (EU Exit) Regulations 2019

Changes over time for: Section 70

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Changes to legislation:

The Russia (Sanctions) (EU Exit) Regulations 2019, Section 70 is up to date with all changes known to be in force on or before 28 December 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.

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Changes and effects yet to be applied to Regulation 70:

reg. 71(1)(j)-(m) inserted by S.I. 2024/1157 reg. 15(12)(a)
reg. 71(3D)-(3K) inserted by S.I. 2024/1157 reg. 15(12)(c)
reg. 71(5)(da) inserted by S.I. 2024/1157 reg. 15(12)(d)

Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:

Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):

reg. 71(1)(j)-(m) inserted by S.I. 2024/1157 reg. 15(12)(a)
reg. 71(3D)-(3K) inserted by S.I. 2024/1157 reg. 15(12)(c)
reg. 71(5)(da) inserted by S.I. 2024/1157 reg. 15(12)(d)

Finance: reporting obligationsU.K.

This section has no associated Explanatory Memorandum

70.—(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 [F1breached a prohibition or failed to comply with an obligation] under any provision of Part 3 (Finance) [F2, regulations 46Z9B to 46Z9D (maritime transportation of certain oil and oil products)] or regulation 67 (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.

[F3(1ZA) A relevant firm must also inform the Treasury as soon as practicable if—

(a)it knows, or has reasonable cause to suspect, that it holds funds or economic resources for a prohibited person; 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.

(1ZB) Where the relevant firm F4... —

[F5(a)has informed the Treasury under paragraph (1ZA), and

(b)continues to hold the funds or economic resources referred to in paragraph (1ZA),]

it must by no later than [F630th November] in each calendar year, provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by that firm as of 30th September in that calendar year.]

[F7(1A) An involved person must inform the Treasury as soon as practicable if—

(a)they know or have reasonable cause to suspect that a person has [F8breached a prohibition or failed to comply with an obligation] under any provision of —

(i)regulations 46Z9B to 46Z9D; or

(ii)regulation 67 in so far as the suspected [F9breach or failure] under that regulation relates to a prohibition referred to in paragraph (i); and

(b)the information or other matter on which the knowledge or cause for suspicion is based came to them in the course of carrying on their business.]

(2) Where a relevant firm informs the Treasury under paragraph (1) [F10or an involved person informs the Treasury under paragraph (1A)], it must state—

(a)the information or other matter on which the knowledge or suspicion is based, F11...

(b)any information it holds about the person by which the person can be identified [F12and],

[F13(c)any related information it holds about the supply or delivery by ship, financial services or funds or brokering services provided with regard to the provisions referred to in paragraph (1A)(a)]

[F14(2A) An involved person must also state, where they inform the Treasury under paragraph (1A), the nature, amount, value, or quantity of any goods or services related to the suspected offence at the time when they first had the knowledge or suspicion.]

(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 [F15or under paragraph (1ZA) that it knows, or has reasonable cause to suspect, that a person for whom it holds funds or economic resources is a prohibited 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.

[F16(4A) Where a person (“P”) knows, or has reasonable cause to suspect, that P holds funds or economic resources owned, held or controlled by a designated person, P must by no later than 30th November in each calendar year provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by P as of 30th September in that calendar year.

(4B) Where a report has been provided further to paragraph (4A) but as of 30th September in the following calendar year P no longer holds funds or economic resources owned, held or controlled by the designated person, P must by no later than 30th November in that calendar year report this to the Treasury.

(4C) For the purposes of paragraphs (4A) and (4B), funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

(4D) Paragraphs (4A) and (4B) do not apply where P is a designated person who is required to report to the Treasury in accordance with regulation 70A(1) or (2) (designated persons: reporting obligations), except in so far as P is a designated person who holds funds or economic resources for another designated person.]

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

(a)credits a frozen account in accordance with regulation 58(4) (finance: exceptions from prohibitions), or

(b)transfers funds from a frozen account in accordance with regulation 58(6).

(6) A person who fails to comply with a requirement in paragraph (1), [F17(1ZA), (1ZB),] [F18(1A), (2), (2A)] or (4) commits an offence.

[F19(6A) A person commits an offence if that person, without reasonable excuse, fails to comply with a requirement in paragraph (4A) or (4B).]

(7) In this regulation—

“designated person” has the same meaning as it has in Chapter 1 of Part 3 (Finance);

“frozen account” has the same meaning as it has in regulation 58;

[F20“involved person” means a person who is involved in—

(a)

the supply or delivery of oil and oil products; or

(b)