Proceeds of Crime Act 2002

[F1 333E Interpretation of sections 333A to 333D U.K.

(1) For the purposes of sections 333A to 333D, Schedule 9 has effect for determining—

(a) what is a business in the regulated sector, and

(b) what is a supervisory authority.

(2) In those sections—

• “credit institution” has the same meaning as in Schedule 9;

• “financial institution” means an undertaking that carries on a business in the regulated sector by virtue of any of paragraphs (b) to (i) of paragraph 1(1) of that Schedule.

(3) References in those sections to a disclosure by or to a credit institution or a financial institution include disclosure by or to an employee, officer or partner of the institution acting on its behalf.

(4) For the purposes of those sections a country or territory imposes "equivalent money laundering requirements" if it imposes requirements equivalent to those laid down in [F2 Directive 2015/849/EU of the Council of 20th May 2015] on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing[F3 , as amended by Directive 2018/843 of the European Parliament and of the Council of 30th May 2018].

(5) In those sections “relevant professional adviser” means an accountant, auditor or tax adviser who is a member of a professional body which is established for accountants, auditors or tax advisers (as the case may be) and which makes provision for—

(a) testing the competence of those seeking admission to membership of such a body as a condition for such admission; and

(b) imposing and maintaining professional and ethical standards for its members, as well as imposing sanctions for non-compliance with those standards.]

Textual Amendments

F1 Ss. 333A-333E inserted (26.12.2007) by Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007 (S.I. 2007/3398), reg. 1(2), Sch. 2 para. 4

F2 Words in s. 333E(4) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 6(3) (with regs. 8, 15)

F3 Words in s. 333E(4) inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 15(2)