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The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022

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Information sharing and confidentiality

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11.—(1) In regulation 52 (disclosure by supervisory authorities)(1)—

(a)in the heading, at the end, insert “and other relevant authorities”;

(b)in paragraph (1), omit “Subject to regulation 52A,”;

(c)in paragraph (1)(a), at the end, insert “or any other functions related to money laundering, terrorist financing or the integrity of the international financial system”;

(d)after paragraph (1) insert—

“(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.”;

(e)in paragraph (2), after “paragraph (1)”, in both places, insert “or (1A)”;

(f)in paragraphs (3) and (4), after “paragraph (1)” insert “or (1A)”;

(g)in paragraph (5), after sub-paragraph (d) insert—

“(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 2006(2).”.

(2) In regulation 52A (obligation of confidentiality)(3)—

(a)in paragraph (3), for “only use” substitute “disclose”;

(b)after paragraph (3)(d) insert—

“(e)in accordance with regulation 52.”.

(1)

Regulation 52 has been amended by S.I. 2019/1511.

(3)

Regulation 52A was inserted by S.I. 2019/1511 and amended by S.I. 2020/991.

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