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The Sanctions (Miscellaneous Amendments) (Overseas Territories) Order 2025

Type Statutory-Instrument

Publication 2025-12-10

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

3

After paragraph 17 insert—

(17A) For regulation 23A (finance: disclosure to the Treasury) substitute— (23A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

4

In paragraph 18, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

Schedule 22 — Amendments to Schedule 2 to the Somalia (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 61A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 25 insert—

(25A) For regulation 43A (finance: exception from prohibitions for required payments) substitute— (43A) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment— (a) does not include a UN designated person, and (b) only includes a non-UN designated person where they are making a required payment on their own behalf. (6) For the purposes of this regulation— (a) references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person, and (b) the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “non-UN designated person” means a person— who is designated under regulation 5 (power to designate persons) (as it has effect in the United Kingdom), for the purposes of regulations 12 to 16 (asset-freeze etc.) (as they have effect in the United Kingdom), and whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3); - “reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment; - “UN designated person” means— a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or a person who is designated under regulation 5(1)(a) (as it has effect in the United Kingdom) for the purposes of regulations 12 to 16 (as they have effect in the United Kingdom) and whose designation is, in the opinion of the Secretary of State, required by a provision mentioned in regulation 4(3).

4

After paragraph 33 insert—

(33A) In regulation 53A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “43A(8)”, in both places it occurs, substitute “43A(7)”.

5

In paragraph 34, in the substituted regulation 54 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 42 insert—

(42A) For regulation 61A (finance: disclosure to the Treasury) substitute— (61A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 43, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 68—

(a) in sub-paragraph (b), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (c) substitute—

(c) in paragraph 6A (pre-existing judicial decisions etc.) and in paragraph 11 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(d) for paragraph 10 (insolvency) substitute— (10) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 54(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 23 — Amendments to Schedule 2 to the Global Human Rights Sanctions (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, in paragraph (c)—

(a) omit the “or” after sub-paragraph (iii);

(b) after sub-paragraph (iii) insert—

(iiia) regulation 30A (finance: disclosure to the Governor), or

2

After paragraph 5 insert—

(5A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 11 insert—

(11A) For regulation 18A (finance: exception from prohibitions for required payments) substitute— (18A) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) For the purposes of this regulation, references to a designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 18 insert—

(18A) In regulation 25A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “18A(8)”, in both places it occurs, substitute “18A(7)”.

5

In paragraph 19, in the substituted regulation 26 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 23 insert—

(23A) For regulation 30A (finance: disclosure to the Treasury) substitute— (30A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 32—

(a) in sub-paragraph (b), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (c) substitute—

(c) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(d) for paragraph 11 (insolvency) substitute— (11) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 26(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 24 — Amendments to Schedule 2 to the Mali (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, in paragraph (c)—

(a) omit the “or” after sub-paragraph (iii);

(b) after sub-paragraph (iii) insert—

(iiia) regulation 30A (finance: disclosure to the Governor), or

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 13 insert—

(13A) For regulation 19ZA (finance: exception from prohibitions for required payments) substitute— (19ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 12 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) For the purposes of this regulation, references to a designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 19 insert—

(19A) In regulation 25A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “19ZA(8)”, in both places it occurs, substitute “19ZA(7)”.

5

In paragraph 20, in the substituted regulation 26 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 24 insert—

(24A) For regulation 30A (finance: disclosure to the Treasury) substitute— (30A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 25, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 37—

(a) for sub-paragraph (b) substitute—

(b) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(b) after sub-paragraph (b) insert—

(c) for paragraph 13 (insolvency) substitute— (13) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 26(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 25 — Amendments to Schedule 2 to the Iraq (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 48A (finance: disclosure to the Governor),

2

In paragraph 22, in the substituted regulation 41 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

3

After paragraph 30 insert—

(30A) For regulation 48A (finance: disclosure to the Treasury) substitute— (48A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

4

In paragraph 31, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

Schedule 26 — Amendments to Schedule 2 to the Sudan (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 48A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 18 insert—

(18A) For regulation 31ZA (finance: exception from prohibitions for required payments) substitute— (31ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment— (a) does not include a UN designated person, and (b) only includes a non-UN designated person where they are making a required payment on their own behalf. (6) For the purposes of this regulation— (a) references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person, and (b) the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “non-UN designated person” means a person— who is designated under regulation 5 (power to designate persons) (as it has effect in the United Kingdom), for the purposes of regulations 12 to 16 (asset-freeze etc.) (as they have effect in the United Kingdom), and whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3); - “reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment; - “UN designated person” means— a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or a person who is designated under regulation 5(1)(a) (as it has effect in the United Kingdom) for the purposes of regulations 12 to 16 (as they have effect in the United Kingdom) and whose designation is, in the opinion of the Secretary of State, required by a provision mentioned in regulation 4(3).

4

After paragraph 26 insert—

(26A) In regulation 40A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “31ZA(8)”, in both places it occurs, substitute “31ZA(7)”.

5

In paragraph 27, in the substituted regulation 41 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 35 insert—

(35A) For regulation 48A (finance: disclosure to the Treasury) substitute— (48A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 61—

(a) in sub-paragraph (b), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (c) substitute—

(c) in paragraph 6A (pre-existing judicial decisions etc.) and in paragraph 12 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(d) for paragraph 11 (insolvency) substitute— (11) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 41(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 27 — Amendment to Schedule 2 to the Afghanistan (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(iv) insert—

(iva) regulation 36A (finance: disclosure to the Governor),

2

In paragraph 18, in the substituted regulation 31 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f) insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

3

After paragraph 24 insert—

(24A) For regulation 36A (finance: disclosure to the Treasury) substitute— (36A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

4

In paragraph 25, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

Schedule 28 — Amendments to Schedule 2 to the Yemen (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 47A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 18 insert—

(18A) For regulation 30ZA (finance: exception from prohibitions for required payments) substitute— (30ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment— (a) does not include a UN designated person, and (b) only includes a non-UN designated person where they are making a required payment on their own behalf. (6) For the purposes of this regulation— (a) references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person, and (b) the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “non-UN designated person” means a person— who is designated under regulation 5 (power to designate persons) (as it has effect in the United Kingdom), for the purposes of regulations 12 to 16 (asset-freeze etc.) (as they have effect in the United Kingdom), and whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3); - “reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment; - “UN designated person” means— a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or a person who is designated under regulation 5 (as it has effect in the United Kingdom) for the purposes of regulations 12 to 16 (as they have effect in the United Kingdom) and whose designation is, in the opinion of the Secretary of State, required by a provision mentioned in regulation 4(3).

4

After paragraph 26 insert—

(26A) In regulation 39A (finance: reporting obligations for required payments)— (a) paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “30ZA(8)”, in both places it occurs, substitute “30ZA(7)”.

5

In paragraph 27, in the substituted regulation 40 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 35 insert—

(35A) For regulation 47A (finance: disclosure to the Treasury) substitute— (47A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 36, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 60—

(a) in sub-paragraph (b), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (c) substitute—

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