PART 5Exceptions and licences
Finance: exception for authorised conduct in a relevant countryI120
1
Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 12 to 16 (asset-freeze etc.) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—
a
under the law of the relevant country, and
b
for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.
2
In this regulation, “relevant country” means—
a
any of the Channel Islands,
b
the Isle of Man, or
c
any British overseas territory.
3
Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.