Police, Crime, Sentencing and Courts Act 2022

Proceeds of crime

59 Proceeds of crime: account freezing orders

(1) In section 303Z1 of the Proceeds of Crime Act 2002 (application for account freezing order)—

(a) omit subsections (5A) and (5B), and

(b) in subsection (6), at the appropriate place insert—

• ““relevant financial institution” means—

  (a)

  a bank,

  (b)

  a building society,

  (c)

  an electronic money institution, or

  (d)

  a payment institution.”

(2) In section 316(1) of that Act (general interpretation), in the definition of “relevant financial institution”, after “303Z1” insert “(6)”.

(3) In section 48 of the Financial Services Act 2021 (extent)—

(a) in subsection (1), for “subsections (2) and (3)” substitute “subsection (2)”, and

(b) omit subsection (3).

(4) In paragraph 14 of Schedule 12 to that Act (forfeiture of money: electronic money institutions and payment institutions) omit sub-paragraphs (3) and (4).