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

Disclosure by supervisory authorities [F1 and other relevant authorities] U.K.

52.—(1) F2 ... A supervisory authority may disclose to a relevant authority information it holds relevant to its supervisory functions, provided the disclosure is made for purposes connected with the effective exercise of—

(a) the functions of the relevant authority under these Regulations [F3 or any other functions related to money laundering, terrorist financing or the integrity of the international financial system];

(b) the functions of the law enforcement authority; or

(c) in the case of an overseas authority, the functions provided for in the fourth money laundering directive, or equivalent functions.

[F4 (1A) A relevant authority referred to in paragraph (5)(b), (c), (e) or (f) may disclose to a supervisory authority or another relevant authority referred to in paragraph (5) information it holds, provided the disclosure is made for purposes connected with—

(a) the effective exercise of the functions of the supervisory authority or other relevant authority under these Regulations; or

(b) money laundering, terrorist financing or the integrity of the international financial system.

(1B) Nothing in paragraph (1A) affects the powers of a relevant authority referred to in paragraph (5)(b), (c), (e) or (f) to disclose information to a supervisory authority or other relevant authority apart from this regulation.]

(2) Information disclosed to a relevant authority under paragraph (1) [F5 or (1A)] may not be further disclosed by that authority, except—

(a) in accordance with paragraph (1) [F5 or (1A)];

(b) by the FCA to the PRA, where the information concerns a PRA-authorised person or a person who has a qualifying relationship with a PRA-authorised person;

(c) in the case of an overseas authority, in accordance with any conditions imposed on further disclosure of that information by the supervisory authority which disclosed that information to the overseas authority;

(d) with a view to the institution of, or otherwise for the purposes of, any criminal or other enforcement proceedings; or

(e) as otherwise required by law.

(3) A disclosure made under paragraph (1) [F6 or (1A)] is not to be taken to breach any restriction, however imposed, on the disclosure of information.

(4) Where a disclosure under paragraph (1) [F7 or (1A)] is made in good faith, no civil liability arises in respect of the disclosure on the part of the person by whom, or on whose behalf, it is made.

(5) For the purposes of this regulation, “relevant authority” means—

(a) another supervisory authority;

(b) the Treasury;

(c) any law enforcement authority;

(d) an overseas authority, within the meaning of regulation 50(4);

[F8 (e) the Secretary of State for purposes connected with the effective exercise of his or her functions under enactments relating to companies, audit and insolvency;

(f) the registrar of companies within the meaning of section 1060(3) of the Companies Act 2006F9 .]

Textual Amendments

F1 Words in reg. 52 heading inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(a)

F2 Words in reg. 52(1) omitted (1.9.2022) by virtue of The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(b)

F3 Words in reg. 52(1)(a) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(c)

F4 Reg. 52(1A)(1B) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(d)

F5 Words in reg. 52(2) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(e)

F6 Words in reg. 52(3) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(f)

F7 Words in reg. 52(4) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(f)

F8 Reg. 52(5)(e)(f) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(1)(g)

F9 2006 c. 46.