- Latest available (Revised)
- Original (As made)
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013, Paragraph 31 is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
31.—(1) The Money Laundering Regulations 2007 M1 are amended as follows.
(2) In regulation 2(1) (interpretation), omit the definitions of “the OFT” and “consumer credit financial institution”.
(3) In regulation 17(2) (reliance), omit sub-paragraph (aa).
(4) In regulation 22 (interpretation)—
(a)in paragraph (1)—
(i)in the definition of “Annex 1 financial institution”, omit sub-paragraph (a);
(ii)omit the definition of “consumer credit financial institution”;
(b)omit paragraph (2).
(5) In regulation 23(supervisory authorities)—
(a)in paragraph (1)—
(i)at the end of sub-paragraph (a)(i) insert “ but not excluded money service businesses ”;
(ii)omit sub-paragraph (b);
(b)after paragraph (4), insert—
“(5) For the purposes of this regulation, a money service business is an “excluded money service business” if it is an authorised person who has permission under the 2000 Act which relates to or is connected with a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods) but does not have permission to carry on any other kind of regulated activity.
(6) Paragraph (5) must be read with—
(a)section 22 of the 2000 Act,
(b)any relevant order under that section, and
(c)Schedule 2 to that Act.”.
(6) In regulation 32 (power to maintain registers), omit paragraph (3).
(7) In regulation 34 (applications for and cancellation of registration in a register maintained under regulation 32)—
(a)in paragraph (2), in the first place the words appear, and in paragraphs (7) and (8), omit “or the OFT”;
(b)in paragraph (3), omit “and the OFT”;
(c)omit, in each place the words appear, “or the OFT, as the case may be,” and “or the OFT, as the case may be”.
(8) In regulation 35 (costs of supervision)—
(a)in paragraphs (1) and (2), omit “, the OFT”;
(b)in paragraph (5), for “OFT” in each place substitute “ Authority ”.
(9) In regulation 36 (interpretation)—
(a)in the definition of “designated authority”—
(i)at the end of paragraph (a), insert “ and ”;
(ii)omit the “and” at the end of paragraph (b) and paragraph (c);
(b)in the definition of “officer”—
(i)at the end of paragraph (b) insert “ or ”;
(ii)omit paragraph (c);
(c)in the definition of “relevant officer”, in paragraph (b), for “OFT” substitute “ Authority ”.
(10) In regulation 40(1)(b) (failure to comply with information requirement), for “OFT” substitute “ Authority ”.
(11) In regulation 41 (powers of relevant officers), for “OFT” in each place substitute “ Authority ”.
(12) In regulation 42 (power to impose civil penalties), in each of paragraphs (6) and (7), omit “, the OFT”.
(13) In regulation 44 (appeals)—
(a)in paragraph (1)(b), omit “, the OFT”;
(b)in paragraph (2), omit sub-paragraph (c);
(c)omit paragraph (7).
(14) In regulation 46 (prosecution of offences)—
(a)in paragraph (1), omit sub-paragraph (b);
(b)omit paragraphs (4) and (5);
(c)in paragraph (6), for “OFT” in each place substitute “ Authority ”.
(15) In regulation 49(1) (obligations on public authorities), omit sub-paragraph (h).
Marginal Citations
M1S.I. 2007/2157. Amended by S.I. 2012/2298. There are other amending instruments but none is relevant to this Order.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: