Search Legislation

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

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Paragraph 6

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Paragraph 6. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Proceeds of Crime Act 2002U.K.

This section has no associated Explanatory Memorandum

6.—(1) The Proceeds of Crime Act 2002 M1 is amended as follows.

(2) In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

(3) In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/ECM2 to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M3”.

(4) In Part 1 of Schedule 9 M4 (business in the regulated sector), in paragraph 1(1)—

(a)in paragraph (b) M5

(i)for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”;

(ii)at the end of sub-paragraph (i), omit “or”;

(iii)after sub-paragraph (i), insert—

(ia)an undertaking whose only listed activity is as a creditor under an agreement which—

(aa)falls within section 12(a) of the Consumer Credit Act 1974 M6 (debtor-creditor-supplier agreements);

(bb)provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

(cc)provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or;

(b)after paragraph (j), insert—

(ja)the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 M7 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);;

(c)in paragraph (q)—

(i)after “involves the” insert “ making or ”;

(ii)for “15,000” substitute “ 10,000 ”.

(5) In paragraph 1(5)(b), omit “contained in international standards and are”.

(6) In paragraph 1(6) M8, at the end of paragraph (c) for “or” substitute “ and ”.

(7) In paragraph 2—

(a)in sub-paragraph (1)(c) for “25” substitute “ 26 ”;

(b)in sub-paragraph (1)(d), at the end, omit “or”;

(c)at the end, insert—

(g)the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M9) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order M10; or

(h)the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 M11.;

(d)in sub-paragraph (3)—

(i)in paragraph (a), for “£64,000” substitute “£100,000;

(ii)in paragraph (f), after “(r)” insert “ to (t) ”.

(8) In paragraph 3—

(a)in sub-paragraph (1)—

(i)at the appropriate place insert—

the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms M12;;

(ii)at the end of the definition of “the Capital Requirements Regulation insert “ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”; and

(b)in sub-paragraph (3)—

(i)for “the Banking Consolidation Directive” substitute “ the Capital Requirements Regulation, the Capital Requirements Directive ”;

(ii)after “Part as”, insert “ in that Regulation or ”.

(9) In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—

(a)in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

(b)in sub-paragraph (2)—

(i)after paragraph (d), insert—

(da)the Chartered Institute of Legal Executives;;

(ii)omit paragraph (f).

Marginal Citations

M2OJ L 309, 25.11. 05, p.15.

M3OJ L 141, 05.06.15, p.73.

M42002 c.29. Part 1 of Schedule 9 was substituted by S.I. 2007/3287. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

M5Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

M8Paragraph 1(6) was amended by S.I. 2016/680.

M9S.I. 2001/544. Article 3(1) was amended, but the amendments are not relevant to these Regulations.

M10Article 72G was inserted by S.I. 2014/366, and amended by S.I. 2015/910 and 2016/392.

M12OJ L 176, 27.6.2013, p.338.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

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.

Close

See additional information alongside the content

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

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:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

Timeline of Changes

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.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources