PART 5Exceptions and licences
Exception for authorised conduct in a relevant countryI126
1
Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 8 to 12 (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—
F1a
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;
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.