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The Lebanon (Sanctions) (Assassination of Rafiq Hariri and others) (EU Exit) Regulations 2020
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- UK Statutory Instruments
- 2020 No. 617
- PART 5
- Regulation 18
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- 31/12/2020- Amendment
- 01/12/2020
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There are currently no known outstanding effects for the The Lebanon (Sanctions) (Assassination of Rafiq Hariri and others) (EU Exit) Regulations 2020, Section 18.
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Valid from 31/12/2020
Finance: reporting obligationsU.K.
This section has no associated Explanatory Memorandum
18.—(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 17 (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 14(4) (finance: exceptions from prohibitions), or
(b)transfers funds from a frozen account in accordance with regulation 14(5).
(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;
“frozen account” has the same meaning as it has in regulation 14;
“relevant firm” is to be read in accordance with regulation 19;
“relevant institution” has the same meaning as it has in regulation 14.
Commencement Information
I1Reg. 18 not in force at made date, see reg. 1(2)
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