The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2021

New definition of “relevant financial institution” to replace references to “banks” and “building societies”

31.  In—

(a) article 213X(1) (general) for “money held in bank and building society accounts (within the meaning of article 213Z1(6))” substitute “money held in accounts maintained with relevant financial institutions (within the meaning of article 213Z1(6))”;

(b) article 213Z1(6) insert at the appropriate place—

““relevant financial institution” has the same meaning as in section 303Z1(1) of the Act;”;

(c) article 213Z13 (interpretation), in the definition of “account forfeiture order”, for “money in a bank or building society account” substitute “money held in an account maintained with a relevant financial institution”.

(1)

Section 303Z1 of the Proceeds of Crime Act 2002 (c. 29) was inserted by section 16 of the Criminal Finances Act 2017; the definition of “relevant financial institution” was inserted in section 303Z1 by the Financial Services Act 2021 (c. 22), Schedule 12, paragraph 14.