The Russia (Sanctions) (Overseas Territories) Order 2020

[F164A.  In regulation 88C (Treasury: power to impose monetary penalties)—U.K.

(a)in the heading, for “Treasury: power to impose monetary penalties” substitute “power to impose monetary penalties”;

(b)in paragraphs (1), [F2(1A),] (3) and (10), for “The Treasury” substitute “The Governor or an authorised person”;

(c)in paragraphs (5), (8), and 10(b), for “the Treasury” substitute “the Governor or the authorised person”;

(d)in paragraph 6(a), after “£1,000,000,” insert “or its equivalent in the currency of the Territory,”;

[F3(da)in paragraph (6A)—

(i)for “the Treasury have”, in both places it occurs, substitute “the Governor has”;

(ii)in sub-paragraph (a), after “£1,000,000”, insert “or its equivalent in the currency of the Territory”;]

(e)in paragraph (7), after “£1,000,000” insert “, or its equivalent in the currency of the Territory”;

(f)omit paragraph (9);

(g)after paragraph (10), insert—

“(11) Where a monetary penalty in this regulation is expressed to be a sum in sterling or its equivalent in the currency of the Territory, the Governor may issue guidance specifying how to calculate the amount in the currency of the Territory which is to be considered equivalent to that sum in sterling.

(12) In this regulation “authorised person” means a person authorised by the Governor for the purpose of exercising, whether generally or in a particular case, the powers and duties conferred by this regulation and regulation 88D (monetary penalties: procedural rights).”]

Textual Amendments