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

(c) in paragraph 8A(b)(ii) (pre-existing judicial decisions etc.) and in paragraph 13 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

• (c) after sub-paragraph (c) insert—

(d) for paragraph 12 (insolvency) substitute— (12) (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 40(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 29 — Amendments to Schedule 2 to the Unauthorised Drilling Activities in the Eastern Mediterranean (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 29A (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 19A (finance: exception from prohibitions for required payments) substitute— (19A) (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 24A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “19A(8)”, in both places it occurs, substitute “19A(7)”.

5

In paragraph 19, in the substituted regulation 25 (“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.

• (c) in paragraph (3)—

• (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 29A (finance: disclosure to the Treasury) substitute— (29A) (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 24, before sub-paragraph (a), insert—

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

8

In paragraph 36—

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

• (b) for sub-paragraph (d) substitute—

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

• (c) after sub-paragraph (d) insert—

(e) 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 25(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 30 — Amendments to Schedule 2 to the Libya (Sanctions) (Overseas Territories) Order 2021

1

In paragraph 2(b)—

• (a) in paragraph (i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 64A (finance: disclosure to the Governor),

• (b) after paragraph (ii) insert—

(iii) in the definition of “non-UN designated person”, for paragraph (a) substitute— (a) who is designated under regulation 5 (power to designate persons) (as it applies in the United Kingdom) for the purposes of regulations 12 to 16 (asset-freeze etc.) (as they apply in the United Kingdom), and

2

After paragraph 6 insert—

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

3

In paragraph 7 for “criteria for designating a person” substitute “designation criteria: meaning of “involved person””.

4

After paragraph 22 insert—

(22A) For regulation 43ZA (finance: exception from prohibitions for required payments) substitute— (43ZA) (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” means a designated person within the meaning of regulation 11 (meaning of “designated person” in Chapter 1) or 17 (meaning of “designated person” in Chapter 2); - “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 or regulations 18 to 20 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 (power to designate persons) (as it has effect in the United Kingdom) for the purposes of regulations 12 to 16 and whose designation is (in the opinion of the Secretary of State) required by paragraph 17 of resolution 1970 (read in accordance with regulation 4(4)).

5

After paragraph 32 insert—

(32A) In regulation 56A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), in the definition of “reimbursement payment”, for “43ZA(8)” substitute “43ZA(7)”.

6

In paragraph 33, in the substituted regulation 57 (“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.

• (c) in paragraph (3)—

• (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

7

After paragraph 41 insert—

(41A) For regulation 64A (finance: disclosure to the Treasury) substitute— (64A) (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.

8

In paragraph 42, before sub-paragraph (a), insert—

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

9

In paragraph 67—

• (a) for sub-paragraph (b) substitute—

(b) in paragraph 11A(b)(ii) (pre-existing judicial decisions etc.) and paragraph 15B (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

• (b) after sub-paragraph (b) insert—

(c) for paragraph 15A (insolvency) substitute— (15A) (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 57(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 31 — Amendments to Schedule 2 to the Global Anti-Corruption Sanctions (Overseas Territories) Order 2021

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 29A (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

In paragraph 6 for “designation criteria” substitute “designation criteria: meaning of “involved person””.

4

After paragraph 12 insert—

(12A) For regulation 19A (finance: exception from prohibitions for required payments) substitute— (19A) (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.

5

After paragraph 17 insert—

(17A) In regulation 24A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “19A(8)”, in both places it occurs, substitute “19A(7)”.

6

In paragraph 19, in the substituted regulation 25 (“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.

• (c) in paragraph (3)—

• (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

7

After paragraph 22 insert—

(22A) For regulation 29A (finance: disclosure to the Treasury) substitute— (29A) (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.

8

In paragraph 23, before sub-paragraph (a), insert—

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

9

In paragraph 33—

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

• (b) for sub-paragraph (d) substitute—

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

• (c) after sub-paragraph (d) insert—

(e) 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 25(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 32 — Amendments to Schedule 2 to the Myanmar (Sanctions) (Overseas Territories) Order 2021

1

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

(va) regulation 58A (finance: disclosure to the Governor),

2

After paragraph 5 insert—

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

3

In paragraph 6 for “designation criteria” substitute “designation criteria: meaning of “involved person””.

4

After paragraph 19 insert—

(19A) For regulation 41A (finance: exception from prohibitions for required payments) substitute— (41A) (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.

5

After paragraph 27 insert—

(27A) In regulation 50A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “41A(8)”, in both places it occurs, substitute “41A(7)”.

6

In paragraph 28, in the substituted regulation 51 (“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.

• (c) in paragraph (3)—

• (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

7

After paragraph 36 insert—

(36A) For regulation 58A (finance: disclosure to the Treasury) substitute— (58A) (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.

8

In paragraph 37, before sub-paragraph (a), insert—

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

9

In paragraph 60—

• (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”;

• (c) after sub-paragraph (c) insert—

(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 51(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 33 — Amendments to Schedule 2 to the Haiti (Sanctions) (Overseas Territories) Order 2022

1

In paragraph 18, in the substituted regulation 32 (“relevant firm”)—

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

(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 (3) insert—

(3A) 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. (3B) In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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. (3C) A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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. (3D) 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. (3E) 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. (3F) 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. (3G) For the purposes of paragraph (3F)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (3H) 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 (3F). (3H) 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.

• (c) in paragraph (4)—

• (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

2

For paragraph 25 substitute—

(25) For regulation 38 (finance: disclosure to the Treasury) substitute— (38) (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.

Schedule 34 — Amendments to Schedule 2 to the Iran (Sanctions) (Overseas Territories) Order 2023

1

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

(va) regulation 77 (finance: disclosure to the Governor),

2

After paragraph 29 insert—

(29A) For regulation 55A (finance: exception from prohibitions for required payments) substitute— (55A) (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 15 (asset-freeze in relation to designated persons) and 17 (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 15 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 9) 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.

3

After paragraph 40 insert—

(40A) In regulation 68A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “55A(8)”, in both places it occurs, substitute “55A(7)”.

4

In paragraph 41, in the substituted regulation 69 (“relevant firm”)—

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

(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 (3) insert—

(3A) 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. (3B) In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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. (3C) A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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. (3D) 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. (3E) 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. (3F) 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. (3G) For the purposes of paragraph (3F)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (3H) 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 (3F). (3H) 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.

• (c) in paragraph (4)—

• (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

5

For paragraph 50 substitute—

(25) For regulation 77 (finance: disclosure to the Treasury) substitute— (77) (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.

6

In paragraph 51, before sub-paragraph (a), insert—

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

7

In paragraph 75—

• (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”;

• (c) after sub-paragraph (c) insert—

(d) 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 69(3E); 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 35 — Amendments to Schedule 2 to the Global Irregular Migration and Trafficking in Persons Sanctions (Overseas Territories) Order 2025

1

In paragraph 3(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 40 (finance: disclosure to the Governor), or

2

After paragraph 12 insert—

(12A) For regulation 23 (finance: exception from prohibitions for required payments) substitute— (23) (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 14 (asset-freeze in relation to designated persons) and 16 (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 14 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 9) 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.

3

After paragraph 20 insert—

(20A) In regulation 34 (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), in the definition of “reimbursement payment”, for “23(8)” substitute “23(7)”.

4

In paragraph 21, in the substitute regulation 35 (“relevant firm”)—

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

(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 (3) insert—

(3A) 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. (3B) In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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. (3C) A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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. (3D) 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. (3E) 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. (3F) 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. (3G) For the purposes of paragraph (3F)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (3H) 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 (3H). (3H) 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.

• (c) in paragraph (4)—

• (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

5

In paragraph 35—

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

• (b) after sub-paragraph (d) insert—

(da) 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 35(3E); 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.

Signed

Richard Tilbrook — Clerk of the Privy Council

Explanatory note

(This note is not part of the Order in Council)

Explanatory Note

This Order amends the various Orders mentioned in article 2 (“the Principal Orders”).

Each of the Principal Orders extend with modifications a sanctions regime (a “UK Sanctions Regime”), contained in regulations under the Sanctions and Anti-Money Laundering Act 2018 (c. 13), as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

Each of the UK Sanctions Regimes has been recently amended by the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157). This Order makes the necessary amendments to the Principal Orders to give effect in the relevant British overseas territories to the changes made to the UK Sanctions Regimes by S.I. 2024/1157.

This Order makes further minor amendments to the Principal Orders.

An Impact Assessment has not been prepared for this Order. The territorial extent of this Order and of each of the Principal Orders is the British overseas territories listed in Schedule 1 to this Order and no, or no significant, impact is foreseen on the private, voluntary or public sector in the United Kingdom.

Footnotes

[^f00001]: 2018 c. 13.

[^f00002]: S.I. 2020/1262.

[^f00003]: S.I. 2019/135, as amended by S.I. 2022/818, S.I. 2024/1157 and S.I. 2025/394.

[^f00004]: S.I. 2020/1561.

[^f00005]: S.I. 2019/411, as amended by S.I. 2022/819, S.I. 2024/1157 and S.I. 2025/394.

[^f00006]: S.I. 2020/1281.

[^f00007]: S.I. 2019/433, as amended by S.I. 2022/819, S.I. 2024/1157 and S.I. 2025/394.

[^f00008]: S.I. 2020/1287.

[^f00009]: S.I. 2019/438, as amended by S.I. 2022/819, S.I. 2024/1157 and S.I. 2025/394.

[^f00010]: S.I. 2020/1563.

[^f00011]: S.I. 2019/461, as amended by S.I. 2022/819, S.I. 2024/1157 and S.I. 2025/394.

[^f00012]: S.I. 2020/1608.

[^f00013]: S.I. 2019/466, as amended by S.I. 2022/819 and S.I. 2024/1157.

[^f00014]: S.I. 2020/1587.

[^f00015]: S.I. 2019/554, as amended by S.I. 2022/818, S.I. 2024/1157 and S.I. 2025/394.

[^f00016]: S.I. 2020/1588.

[^f00017]: S.I. 2019/573, as amended by S.I. 2022/819, S.I. 2024/1157 and S.I. 2025/394.

[^f00018]: S.I. 2020/1564.