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

Duty to co-operate U.K.

50.—(1) A supervisory authority must take such steps as it considers appropriate—

(a) to co-operate with other supervisory authorities, the Treasury and law enforcement authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing;

(b) to co-ordinate activities to counter money laundering and terrorist financing with other supervisory authorities and law enforcement authorities;

F1 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2 (1A) A supervisory authority may take such steps as it considers appropriate to co-operate with overseas authorities—

(a) for the purposes of these Regulations, and

(b) to ensure the effective supervision of a relevant person to which paragraph (2) applies.]

(2) This paragraph applies to a relevant person established—

(a) in the United Kingdom, which has its head office in another country; or

(b) in another country but which has its head office in the United Kingdom.

(3) Co-operation may include the sharing of information which the supervisory authority is not prevented from disclosing [F3 , provided that—

(a) any confidential information disclosed to the authority in question will be subject to an obligation of confidentiality equivalent to that provided for in regulation 52A;

(b) where the information disclosed has been received from [F4 a third country], it is only disclosed—

(i) with the express consent of the competent authority or other institution which provided the information; and

(ii) where appropriate, for the purposes for which the information was originally provided.]

(4) For the purposes of this regulation “overseas authority” means—

(a) an authority responsible for any of the functions provided for in the fourth money laundering directive in an EEA state F5 ... in which the relevant person is established or has its head office; and

(b) where the relevant person is established or has its head office in [F6 another country] which is not an EEA state, an authority in that country which has equivalent functions to any of the functions provided for in the fourth money laundering directive.

F7 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Reg. 50(1)(c) omitted (31.12.2020) by virtue of The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(4), 4(3)(a)

F2 Reg. 50(1A) inserted (31.12.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(4), 4(3)(b)

F3 Words in reg. 50(3) inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 7(4)(b)

F4 Words in reg. 50(3)(b) substituted (31.12.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(4), 4(3)(c)

F5 Words in reg. 50(4)(a) omitted (31.12.2020) by virtue of The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 9(3)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in reg. 50(4)(b) substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 9(3)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7 Reg. 50(5) omitted (31.12.2020) by virtue of The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 9(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)