14. For regulation 21 (finance: exception for authorised conduct in a relevant country) substitute—U.K.
21.—(1) Where a person's conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 20 (Treasury licences) (as it has effect in the United Kingdom).
(2) Where a person's conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (“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.
(3) In this regulation, “relevant country” means—
(a)any of the Channel Islands;
(b)the Isle of Man;
(c)any British overseas territory other than the Territory.”
Commencement Information
I1Sch. 2 para. 14 in force at 22.7.2020, see art. 1(1)