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The Global Human Rights Sanctions Regulations 2020
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- UK Statutory Instruments
- 2020 No. 680
- PART 6
- Regulation 25
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The Global Human Rights Sanctions Regulations 2020, Section 25 is up to date with all changes known to be in force on or before 23 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 25:
- reg. 25(1)(a)(ii) words substituted by S.I. 2024/1157 reg. 24(7)(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. 1(1) Sch. 2 para. 1 renumbered as Sch. 2 para. 1(1) by S.I. 2024/1157 reg. 24(11)(a)(i)
- Sch. 2 para. 1(2)(3) inserted by S.I. 2024/1157 reg. 24(11)(a)(iii)
- Sch. 2 para. 11 and cross-heading inserted by S.I. 2024/1157 reg. 24(11)(c)
- Sch. 2 para. 1(1) words inserted by S.I. 2024/1157 reg. 24(11)(a)(ii)
- reg. 13(3A) inserted by S.I. 2024/1157 reg. 24(2)
- reg. 15(3A) inserted by S.I. 2024/1157 reg. 24(3)
- reg. 18(9)(10) inserted by S.I. 2024/1157 reg. 24(4)
- reg. 18A inserted by S.I. 2024/1157 reg. 24(5)
- reg. 25(4A)-(4C) inserted by S.I. 2024/1157 reg. 24(7)(b)
- reg. 25(6A) inserted by S.I. 2024/1157 reg. 24(7)(c)
- reg. 25A inserted by S.I. 2024/1157 reg. 24(8)
- reg. 26(1)(j)-(m) inserted by S.I. 2024/1157 reg. 24(9)(a)
- reg. 26(3D)-(3K) inserted by S.I. 2024/1157 reg. 24(9)(b)
- reg. 26(5)(da) inserted by S.I. 2024/1157 reg. 24(9)(c)
Finance: reporting obligationsU.K.
This section has no associated Explanatory Memorandum
25.—(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 23 (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 18(4) (finance: exceptions from prohibitions), or
(b)transfers funds from a frozen account in accordance with regulation 18(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 18;
“relevant firm” is to be read in accordance with regulation 26;
“relevant institution” has the same meaning as it has in regulation 18.
Commencement Information
I1Reg. 25 in force at 1pm on 6.7.2020, see reg. 1(2)
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