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The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 461
- PART 7
- Regulation 46
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The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, Section 46 is up to date with all changes known to be in force on or before 26 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.
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Changes and effects yet to be applied to Regulation 46:
- reg. 46(1)(a)(ii) words substituted by S.I. 2024/1157 reg. 6(8)(a)
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):
- Sch. 2 para. 11(1) Sch. 2 para. 11 renumbered as Sch. 2 para. 11(1) by S.I. 2024/1157 reg. 6(13)(d)(i)
- Sch. 2 Pt. 1A inserted by S.I. 2024/1157 reg. 6(13)(b)
- Sch. 2 para. 10A 10B and cross-headings inserted by S.I. 2024/1157 reg. 6(13)(c)
- Sch. 2 para. 11(2)(3) inserted by S.I. 2024/1157 reg. 6(13)(d)(iii)
- Sch. 2 para. 11(1) words inserted by S.I. 2024/1157 reg. 6(13)(d)(ii)
- reg. 14(3A) inserted by S.I. 2024/1157 reg. 6(2)
- reg. 16(3A) inserted by S.I. 2024/1157 reg. 6(3)
- reg. 37(9)(10) inserted by S.I. 2024/1157 reg. 6(4)
- reg. 37ZZA inserted by S.I. 2024/1157 reg. 6(5)
- reg. 40(5)(6) inserted by S.I. 2024/1157 reg. 6(6)(c)
- reg. 46(4A)-(4C) inserted by S.I. 2024/1157 reg. 6(8)(b)
- reg. 46(6A) inserted by S.I. 2024/1157 reg. 6(8)(c)
- reg. 46A inserted by S.I. 2024/1157 reg. 6(9)
- reg. 47(1)(j)-(m) inserted by S.I. 2024/1157 reg. 6(10)(a)
- reg. 47(3D)-(3K) inserted by S.I. 2024/1157 reg. 6(10)(b)
- reg. 47(5)(da) inserted by S.I. 2024/1157 reg. 6(10)(c)
Finance: reporting obligationsU.K.
This section has no associated Explanatory Memorandum
46.—(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) or regulation 43 (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 37(4) (finance: exceptions from prohibitions), or
(b)transfers funds from a frozen account in accordance with regulation 37(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 37;
“relevant firm” is to be read in accordance with regulation 47;
“relevant institution” has the same meaning as it has in regulation 37.
Commencement Information
I1Reg. 46 not in force at made date, see reg. 1(2)
I2Reg. 46 in force at 31.12.2020 by S.I. 2019/627, reg. 8(2); 2020 c. 1, Sch. 5 para. 1(1)
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