The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Duty to co-operate U.K.

50.—(1) A supervisory authority must take such steps as it considers appropriate—

(a) to co-operate with other supervisory authorities, the Treasury and law enforcement authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing;

(b) to co-ordinate activities to counter money laundering and terrorist financing with other supervisory authorities and law enforcement authorities;

(c) to co-operate with overseas authorities to ensure the effective supervision of a relevant person to which paragraph (2) applies.

(2) This paragraph applies to a relevant person established—

(a) in the United Kingdom, which has its head office in another country; or

(b) in another country but which has its head office in the United Kingdom.

(3) Co-operation may include the sharing of information which the supervisory authority is not prevented from disclosing.

(4) For the purposes of this regulation “overseas authority” means—

(a) an authority responsible for any of the functions provided for in the fourth money laundering directive in an EEA state other than the United Kingdom in which the relevant person is established or has its head office; and

(b) where the relevant person is established or has its head office in a country which is not an EEA state, an authority in that country which has equivalent functions to any of the functions provided for in the fourth money laundering directive.

(5) A supervisory authority must on request provide a European Supervisory Authority with information reasonably required by the Authority to enable it to carry out its duties under the fourth money laundering directive.