New Zealand Legislation: Regulations

16A Prohibition on dealings in assets, money, or securities of, or derived from property of, former Taylor regime, etc

• (1) No person may knowingly transfer, pay for, sell, assign, dispose of, or otherwise deal with any asset, money, or security—

  • (a) that is—

    • (i) owned or controlled, directly or indirectly, by a member, or designated close ally or associate, of the former Taylor regime; or

    • (ii) held by a designated entity; or

    • (iii) derived or generated from any asset, money, or security of the kind specified in subparagraph (i) or (ii); and

  • (b) that is located in New Zealand.

  (2) Subclause (1) does not apply if the Minister has consented to that transfer, sale, assignment, or disposal of, payment for, or other dealing with, the asset, money, or security.

  (3) It is a defence to a prosecution under this regulation in respect of any asset, money, or security derived or generated from any asset, money, or security of the kind specified in subclause (1)(a)(i) or (ii) (a restricted item) if the defendant proves that he or she received the asset, money, or security in good faith, at a time when he or she did not know that it was a restricted item or derived or generated from a restricted item.

  Compare: SR 2001/26 r 15

  Regulation 16A: inserted, on 14 January 2005, by regulation 4 of the United Nations Sanctions (Liberia) Amendment Regulations 2004 (SR 2004/464).