Reg. 26 not in force at made date, see reg. 1(2)

Reg. 26 in force at 31.12.2020 by S.I. 2020/1514, reg. 24(2)

http://www.legislation.gov.uk/uksi/2020/1474/regulation/26/2020-12-31The Unauthorised Drilling Activities in the Eastern Mediterranean (Sanctions) (EU Exit) Regulations 2020texttext/xmlenEXITING THE EUROPEAN UNIONSANCTIONSStatute Law Database2024-08-19Expert Participation2020-12-31These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime for the purposes of discouraging any hydrocarbon exploration, production or extraction activity which has not been authorised by the Republic of Cyprus within its territorial sea or in its exclusive economic zone or on its continental shelf including, in cases where the exclusive economic zone or continental shelf has not been delimited in accordance with international law with a State having an opposite coast, activities which may jeopardise or hamper the reaching of a delimitation agreement.PART 6Information and records26Finance: powers to request information1

The Treasury may request a designated person to provide information about—

a

funds or economic resources owned, held or controlled by or on behalf of the designated person, or

b

any disposal of such funds or economic resources.

2

The Treasury may request a designated person to provide such information as the Treasury may reasonably require about expenditure—

a

by the designated person, or

b

for the benefit of the designated person.

3

For the purposes of paragraph (2), expenditure for the benefit of a designated person includes expenditure on the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.

4

The power in paragraph (1) or (2) is exercisable only where the Treasury believe that it is necessary for the purpose of monitoring compliance with or detecting evasion of any provision of Part 3 (Finance).

5

The Treasury may request a person acting under a Treasury licence to provide information about—

a

funds or economic resources dealt with under the licence, or

b

funds or economic resources made available under the licence.

6

The Treasury may request a person to provide information within paragraph (7) if the Treasury believe that the person may be able to provide the information.

7

Information within this paragraph is such information as the Treasury may reasonably require for the purpose of—

a

establishing for the purposes of any provision of Part 3—

i

the nature and amount or quantity of any funds or economic resources owned, held or controlled by or on behalf of a designated person,

ii

the nature and amount or quantity of any funds or economic resources made available directly or indirectly to, or for the benefit of, a designated person, or

iii

the nature of any financial transactions entered into by a designated person;

b

monitoring compliance with or detecting evasion of—

i

any provision of Part 3,

ii

regulation 24 (finance: reporting obligations), or

iii

any condition of a Treasury licence;

c

detecting or obtaining evidence of the commission of an offence under Part 3 or regulation 22 (finance: licensing offences) or 24.

8

The Treasury may specify the way in which, and the period within which, information is to be provided.

9

If no such period is specified, the information which has been requested must be provided within a reasonable time.

10

A request may include a continuing obligation to keep the Treasury informed as circumstances change, or on such regular basis as the Treasury may specify.

11

Information requested under this regulation may relate to any period of time during which a person is, or was, a designated person.

12

Information requested by virtue of paragraph (1)(b), (2) or (7)(a)(iii) may relate to any period before a person became a designated person (as well as, or instead of, any subsequent period).

13

Expressions used in this regulation have the same meaning as they have in Part 3.

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Reg. 26 not in force at made date, see
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<ref href="http://www.legislation.gov.uk/id/uksi/2020/1474/regulation/26">Reg. 26</ref>
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/24/2">reg. 24(2)</ref>
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<strong>PART 6</strong>
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<num>
<noteRef href="#key-99a8ec3b8cbe3ae6e8b0961884559182" marker="I1" class="commentary I"/>
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26
</num>
<heading>Finance: powers to request information</heading>
<paragraph eId="regulation-26-1">
<num>1</num>
<intro>
<p>The Treasury may request a designated person to provide information about—</p>
</intro>
<subparagraph eId="regulation-26-1-a">
<num>a</num>
<content>
<p>funds or economic resources owned, held or controlled by or on behalf of the designated person, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-b">
<num>b</num>
<content>
<p>any disposal of such funds or economic resources.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-2">
<num>2</num>
<intro>
<p>The Treasury may request a designated person to provide such information as the Treasury may reasonably require about expenditure—</p>
</intro>
<subparagraph eId="regulation-26-2-a">
<num>a</num>
<content>
<p>by the designated person, or</p>
</content>
</subparagraph>
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<num>b</num>
<content>
<p>for the benefit of the designated person.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-3">
<num>3</num>
<content>
<p>For the purposes of paragraph (2), expenditure for the benefit of a designated person includes expenditure on the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-4">
<num>4</num>
<content>
<p>The power in paragraph (1) or (2) is exercisable only where the Treasury believe that it is necessary for the purpose of monitoring compliance with or detecting evasion of any provision of Part 3 (Finance).</p>
</content>
</paragraph>
<paragraph eId="regulation-26-5">
<num>5</num>
<intro>
<p>The Treasury may request a person acting under a Treasury licence to provide information about—</p>
</intro>
<subparagraph eId="regulation-26-5-a">
<num>a</num>
<content>
<p>funds or economic resources dealt with under the licence, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-5-b">
<num>b</num>
<content>
<p>funds or economic resources made available under the licence.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-6">
<num>6</num>
<content>
<p>The Treasury may request a person to provide information within paragraph (7) if the Treasury believe that the person may be able to provide the information.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-7">
<num>7</num>
<intro>
<p>Information within this paragraph is such information as the Treasury may reasonably require for the purpose of—</p>
</intro>
<subparagraph eId="regulation-26-7-a">
<num>a</num>
<intro>
<p>establishing for the purposes of any provision of Part 3—</p>
</intro>
<clause eId="regulation-26-7-a-i">
<num>i</num>
<content>
<p>the nature and amount or quantity of any funds or economic resources owned, held or controlled by or on behalf of a designated person,</p>
</content>
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<clause eId="regulation-26-7-a-ii">
<num>ii</num>
<content>
<p>the nature and amount or quantity of any funds or economic resources made available directly or indirectly to, or for the benefit of, a designated person, or</p>
</content>
</clause>
<clause eId="regulation-26-7-a-iii">
<num>iii</num>
<content>
<p>the nature of any financial transactions entered into by a designated person;</p>
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<subparagraph eId="regulation-26-7-b">
<num>b</num>
<intro>
<p>monitoring compliance with or detecting evasion of—</p>
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<content>
<p>any provision of Part 3,</p>
</content>
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<p>regulation 24 (finance: reporting obligations), or</p>
</content>
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<num>iii</num>
<content>
<p>any condition of a Treasury licence;</p>
</content>
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<subparagraph eId="regulation-26-7-c">
<num>c</num>
<content>
<p>detecting or obtaining evidence of the commission of an offence under Part 3 or regulation 22 (finance: licensing offences) or 24.</p>
</content>
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<paragraph eId="regulation-26-8">
<num>8</num>
<content>
<p>The Treasury may specify the way in which, and the period within which, information is to be provided.</p>
</content>
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<paragraph eId="regulation-26-9">
<num>9</num>
<content>
<p>If no such period is specified, the information which has been requested must be provided within a reasonable time.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-10">
<num>10</num>
<content>
<p>A request may include a continuing obligation to keep the Treasury informed as circumstances change, or on such regular basis as the Treasury may specify.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-11">
<num>11</num>
<content>
<p>Information requested under this regulation may relate to any period of time during which a person is, or was, a designated person.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-12">
<num>12</num>
<content>
<p>Information requested by virtue of paragraph (1)(b), (2) or (7)(a)(iii) may relate to any period before a person became a designated person (as well as, or instead of, any subsequent period).</p>
</content>
</paragraph>
<paragraph eId="regulation-26-13">
<num>13</num>
<content>
<p>Expressions used in this regulation have the same meaning as they have in Part 3.</p>
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