The Money Laundering Regulations 2007 (revoked)

PART 6U.K.MISCELLANEOUS

Recovery of charges and penalties through the courtU.K.

48.  Any charge or penalty imposed on a person by a supervisory authority under regulation 35(1) or 42(1) is a debt due from that person to the authority, and is recoverable accordingly.

Obligations on public authoritiesU.K.

49.—(1) The following bodies and persons must, if they know or suspect or have reasonable grounds for knowing or suspecting that a person is or has engaged in money laundering or terrorist financing, as soon as reasonably practicable inform the Serious Organised Crime Agency—

(a)the Auditor General for Scotland;

(b)the Auditor General for Wales;

(c)the Authority;

(d)the Bank of England;

(e)the Comptroller and Auditor General;

(f)the Comptroller and Auditor General for Northern Ireland;

(g)the Gambling Commission;

(h)the OFT;

(i)the Official Solicitor to the Supreme Court;

(j)the Pensions Regulator;

(k)the Public Trustee;

(l)the Secretary of State, in the exercise of his functions under enactments relating to companies and insolvency;

(m)the Treasury, in the exercise of their functions under the 2000 Act;

(n)the Treasury Solicitor;

(o)a designated professional body for the purposes of Part 20 of the 2000 Act (provision of financial services by members of the professions);

(p)a person or inspector appointed under section 65 (investigations on behalf of Authority) or 66 (inspections and special meetings) of the Friendly Societies Act 1992 M1;

(q)an inspector appointed under section 49 of the Industrial and Provident Societies Act 1965M2 (appointment of inspectors) or section 18 of the Credit Unions Act 1979M3 (power to appoint inspector);

(r)an inspector appointed under section 431 (investigation of a company on its own application), 432 (other company investigations), 442 (power to investigate company ownership) or [F1446D (appointment of replacement inspectors)] of the Companies Act 1985M4 F2...;

(s)a person or inspector appointed under section 55 (investigations on behalf of Authority) or 56 (inspections and special meetings) of the Building Societies Act 1986 M5;

(t)a person appointed under section 167 (appointment of persons to carry out investigations), 168(3) or (5) (appointment of persons to carry out investigations in particular cases), 169(1)(b) (investigations to support overseas regulator) or 284 (power to investigate affairs of a scheme) of the 2000 Act, or under regulations made under section 262(2)(k) (open-ended investment companies) of that Act, to conduct an investigation; and

(u)a person authorised to require the production of documents under section 447 of the Companies Act 1985 (Secretary of State's power to require production of documents), Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989 M6 (exercise of powers by officer).

(2) A disclosure made under paragraph (1) is not to be taken to breach any restriction on the disclosure of information however imposed.

Textual Amendments

Marginal Citations

[F3Disclosure by the CommissionersU.K.

49A.—(1) The Commissioners may disclose to the Authority information held in connection with their functions under these Regulations if the disclosure is made for the purpose of enabling or assisting the Authority to discharge any of its functions under the Payment Services Regulations 2009 [F4or the Electronic Money Regulations 2011].

(2) Information disclosed to the Authority under subsection (1) may not be disclosed by the Authority or any person who receives the information directly or indirectly from the Authority except—

(a)to, or in accordance with authority given by, the Commissioners;

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

(c)with a view to the institution of any other proceedings by the Authority, for the purposes of any such proceedings instituted by the Authority, or for the purposes of any reference to the Tribunal under the Payment Services Regulations 2009; or

(d)in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.

(3) Any person who discloses information in contravention of subsection (2) is guilty of an offence and liable—

(a)on summary conviction, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum, or to both;

(b)on conviction on indictment, to imprisonment for a term not exceeding two years to a fine, or to both.

(4) It is a defence for a person charged with an offence under this regulation of disclosing information to prove that they reasonably believed

(a)that the disclosure was lawful; or

(b)that the information had already and lawfully been made available to the public.]

Textual Amendments

Transitional provisions: requirement to be registeredU.K.

50.—(1) Regulation 26 does not apply to an existing money service business, an existing trust or company service provider[F5, an existing high value dealer, an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider] until—

(a)where it has applied in accordance with regulation 27 before the specified date for registration in a register maintained under regulation 25(1) (a “new register”)—

(i)the date it is included in a new register following the determination of its application by the Commissioners; or

(ii)where the Commissioners give it notice under regulation 29(2)(b) of their decision not to register it, the date on which the Commissioners state that the decision takes effect or, where a statement is included in accordance with paragraph (3)(b), the time at which the Commissioners give it such notice;

(b)in any other case, the specified date.

(2) The specified date is—

(a)in the case of an existing money service business, 1st February 2008;

(b)in the case of an existing trust or company service provider, 1st April 2008;

(c)in the case of an existing high value dealer, the first anniversary which falls on or after 1st January 2008 of the date of its registration in a register maintained under regulation 10 of the Money Laundering Regulations 2003.

[F6(d)in the case of an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider, 1st March 2010.]

(3) In the case of an application for registration in a new register made before the specified date by an existing money service business, an existing trust or company service provider[F7, an existing high value dealer, an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider], the Commissioners must include in a notice given to it under regulation 29(2)(b)—

(a)the date on which their decision is to take effect; or

(b)if the Commissioners consider that the interests of the public require their decision to have immediate effect, a statement to that effect and the reasons for it.

(4) In the case of an application for registration in a new register made before the specified date by an existing money services business or an existing trust or company service provider, the Commissioners must give it a notice under regulation 29(2) by—

(a)in the case of an existing money service business, 1st June 2008;

(b)in the case of an existing trust or company service provider, 1st July 2008; or

(c)where applicable, 45 days beginning with the date on which they receive any further information required under regulation 27(3).

(5) In this regulation—

  • [F8existing bill payment service provider” and “existing telecommunication, digital and IT payment service provider” mean a bill payment service provider or a telecommunication, digital and IT payment service provider carrying on business in the United Kingdom immediately before 1st November 2009;]

  • “existing money service business” and an “existing high value dealer” mean a money service business or a high value dealer which, immediately before 15th December 2007, was included in a register maintained under regulation 10 of the Money Laundering Regulations 2003;

  • “existing trust or company service provider” means a trust or company service provider carrying on business in the United Kingdom immediately before 15th December 2007.

Textual Amendments

Minor and consequential amendmentsU.K.

51.  Schedule 6, which contains minor and consequential amendments to primary and secondary legislation, has effect.