Economic Crime and Corporate Transparency Act 2023

193 Other defined terms in sections 188 to 191

(1) In sections 188 to 191—

• “cryptoasset exchange provider” has the meaning given by paragraph 1(12)(a) of Schedule 9 to the Proceeds of Crime Act 2002;

• “custodial wallet provider” has the meaning given by paragraph 1(12)(b) of Schedule 9 to the Proceeds of Crime Act 2002;

• “customer due diligence measures” has the meaning given by regulation 3(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692);

• “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

• “deposit-taking body” means—

  (a)

  a business which engages in the activity of accepting deposits, or

  (b)

  the National Savings Bank;

• “economic crime” means an act which—

  (a)

  constitutes an offence listed in Schedule 11 (“a listed offence”),

  (b)

  constitutes an attempt or conspiracy to commit a listed offence,

  (c)

  constitutes an offence—

  (i)

  under Part 2 of the Serious Crime Act 2007 (England and Wales and Northern Ireland: encouraging or assisting crime) in relation to a listed offence, or

  (ii)

  under the law of Scotland of inciting the commission of a listed offence,

  (d)

  constitutes aiding, abetting, counselling or procuring the commission of a listed offence, or

  (e)

  would constitute a listed offence or an offence specified in paragraph (b), (c) or (d) if done in the United Kingdom;

• “electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);

• “enactment” includes—

  (a)

  an enactment contained in subordinate legislation (as defined in section 21 of the Interpretation Act 1978);

  (b)

  an enactment contained in, or in an instrument made under, a Measure or Act of Senedd Cymru;

  (c)

  an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;

  (d)

  an enactment contained in, or in an instrument made under, Northern Ireland legislation;

  (e)

  any retained direct EU legislation;

• “financial year” means a period of 12 months ending with 31 March;

• “payment institution” means an authorised payment institution or small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));

• “personal data” and “processing” have the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

• “regulated sector”: see subsection (2);

• “the UK GDPR” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).

(2) Part 1 of Schedule 9 to the Proceeds of Crime Act 2002 has effect for the purpose of determining what is a business in the regulated sector.

(3) The Secretary of State may, by regulations, add an offence to or remove an offence from the list in Schedule 11.