(1) Where a person’s conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is -
(a) issued under the law of the relevant country; and
(b) for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.
(2) In this regulation, “relevant country” means -
(a) any of the Channel Islands;
(b) the Isle of Man;
(c) any British overseas territory.