The Financial Services and Markets Act 2000 (Regulations Relating to Money Laundering) Regulations 2001

Statutory Instruments

2001 No. 1819

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Regulations Relating to Money Laundering) Regulations 2001

Made

9th May 2001

Laid before Parliament

10th May 2001

Coming into force

18th June 2001

The Treasury, in exercise of the powers conferred on them by sections 168(4)(b), 402(1)(b) and 417(1)(1) of the Financial Services and Markets Act 2000(2) (“the Act”), hereby make the following Regulations:

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Regulations Relating to Money Laundering) Regulations 2001 and come into force on 18th June 2001.

2.  The Money Laundering Regulations 1993(3) are prescribed for the purposes of section 168(4)(b) and section 402(1)(b) of the Act.

Jim Dowd

Greg Pope

Two of the Lords Commissioners of Her Majesty’s Treasury

9th May 2001

Explanatory Note

(This note is not part of the Regulations)

These Regulations prescribe the Money Laundering Regulations 1993 (S.I. 1993/1933), (“the 1993 Regulations”), as amended, for the purposes of section 168(4)(b) of the Financial Services and Markets Act 2000 (“the Act”). The effect of this is that the Financial Services Authority may, under section 168(5) of the Act, appoint a competent person to conduct an investigation on its behalf where it appears to it that a person may be guilty of an offence under the 1993 Regulations. The 1993 Regulations are also prescribed for the purposes of section 402(1)(b) of the Act. This will enable the Financial Services Authority (except in Scotland) to institute proceedings for any offence under the 1993 Regulations.

(1)

See the definition of “prescribed”.

(2)

2000 c. 8.

(3)

S.I. 1993/1933; amended by S.I. 1994/1696, S.I. 1998/1129 and S.I. 2000/2952 and, in its application to Scotland, modified by S.I. 1997/316 (S.20) and by S.I. 1997/317 (S.21).