The Money Laundering Regulations 2003

Regulation 2(2)(e)

SCHEDULE 1 ACTIVITIES LISTED IN ANNEX 1 TO THE BANKING CONSOLIDATION DIRECTIVE

1.  Acceptance of deposits and other repayable funds.

2.  Lending.

3.  Financial leasing.

4.  Money transmission services.

5.  Issuing and administering means of payment (eg credit cards, travellers' cheques and bankers' drafts).

6.  Guarantees and commitments.

7.  Trading for own account or for account of customers in—

(a) money market instruments (cheques, bills, certificates of deposit, etc.);

(b) foreign exchange;

(c) financial futures and options;

(d) exchange and interest-rate instruments;

(e) transferable securities.

8.  Participation in securities issues and the provision of services related to such issues.

9.  Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings.

10.  Money broking.

11.  Portfolio management and advice.

12.  Safekeeping and administration of securities.

13.  Credit reference services.

14.  Safe custody services.

Regulation 29

SCHEDULE 2 MINOR AND CONSEQUENTIAL AMENDMENTS

PART I Primary Legislation

Value Added Tax Act 1994 (c. 23)

1.—(1) Section 83 of the Value Added Tax Act 1994 is amended as follows.

(2) In paragraph (zz), for “regulation 16 of the Money Laundering Regulations 2001”, substitute “regulation 21 of the Money Laundering Regulations 2003”.

Northern Ireland Act 1998 (c. 47)

2.—(1) Paragraph 25 of Schedule 3 (reserved matters) to the Northern Ireland Act 1998 is amended as follows.

(2) For “1993” substitute “2003”.

PART II Secondary Legislation

The Cross-Border Credit Transfers Regulations 1999 (S.I. 1999/1876)

3.—(1) Regulation 12 of the Cross-Border Credit Transfers Regulations 1999 is amended as follows.

(2) For paragraph (2) substitute—

“(2) In this regulation “enactments relating to money laundering” means section 18 of the Terrorism Act 2000, section 340(11) of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003.”.

The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 (S.I. 2001/192)

4.—(1) The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 are amended as follows.

(2) In regulation 2, for the definition of “relevant financial business” substitute—

““relevant business” has the meaning given by regulation 2(2) of the Money Laundering Regulations 2003.”.

(3) In regulation 3, for “relevant financial business” substitute “relevant business”.

The Representation of the People (England and Wales) Regulations 2001 (S.I. 2001/341)

5.—(1) The Representation of the People (England and Wales) Regulations 2001 are amended as follows.

(2) In regulation 114(3)(b)(1)—

(i) for “1993” substitute “2003”; and

(ii) omit “, the Money Laundering Regulations 2001”.

The Representation of the People (Northern Ireland) Regulations 2001 (S.I. 2001/400)

6.—(1) The Representation of the People (Northern Ireland) Regulations 2001 are amended as follows.

(2) In regulation 107(3)(b)(2)—

(i) in paragraph (i), for “1993” substitute “2003”;

(ii) omit paragraph (ii); and

(iii) in paragraph (iii), omit the words “either of” and “sets of”.

The Representation of the People (Scotland) Regulations 2001 (S.I. 2001/497)

7.—(1) The Representation of the People (Scotland) Regulations 2001 are amended as follows.

(2) In regulation 113(3)(b)(3)—

(i) for “1993” substitute “2003”; and

(ii) omit “, the Money Laundering Regulations 2001”.

The Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training)Order 2003 (S.I. 2003/171)

8.—(1) The Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003 is amended as follows.

(2) In article 2, for “regulation 5(1)(c) of the Money Laundering Regulations 1993” substitute “regulation 3(1)(c)(ii) of the Money Laundering Regulations 2003”.

(1)

Inserted by regulation 15 of the Representation of the People (England and Wales) (Amendment) Regulations 2002 (S.I. 2002/1871).

(2)

Inserted by regulation 21 of the Representation of the People (Northern Ireland) (Amendment) Regulations 2002 (S.I. 2002/1873).

(3)

Inserted by regulation 14 of the Representation of the People (Scotland) (Amendment) Regulations 2002 (S.I. 2002/1872).