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

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Proceeds of Crime Act 2002U.K.

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6.—(1) The Proceeds of Crime Act 2002 M1 is amended as follows.

(2) In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

(3) In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/ECM2 to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M3”.

(4) In Part 1 of Schedule 9 M4 (business in the regulated sector), in paragraph 1(1)—

(a)in paragraph (b) M5

(i)for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”;

(ii)at the end of sub-paragraph (i), omit “or”;

(iii)after sub-paragraph (i), insert—

(ia)an undertaking whose only listed activity is as a creditor under an agreement which—

(aa)falls within section 12(a) of the Consumer Credit Act 1974 M6 (debtor-creditor-supplier agreements);

(bb)provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

(cc)provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or;

(b)after paragraph (j), insert—

(ja)the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 M7 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);;

(c)in paragraph (q)—

(i)after “involves the” insert “ making or ”;

(ii)for “15,000” substitute “ 10,000 ”.

(5) In paragraph 1(5)(b), omit “contained in international standards and are”.

(6) In paragraph 1(6) M8, at the end of paragraph (c) for “or” substitute “ and ”.

(7) In paragraph 2—

(a)in sub-paragraph (1)(c) for “25” substitute “ 26 ”;

(b)in sub-paragraph (1)(d), at the end, omit “or”;

(c)at the end, insert—

(g)the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M9) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order M10; or

(h)the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 M11.;

(d)in sub-paragraph (3)—

(i)in paragraph (a), for “£64,000” substitute “£100,000;

(ii)in paragraph (f), after “(r)” insert “ to (t) ”.

(8) In paragraph 3—

(a)in sub-paragraph (1)—

(i)at the appropriate place insert—

the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms M12;;

(ii)at the end of the definition of “the Capital Requirements Regulation insert “ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”; and

(b)in sub-paragraph (3)—

(i)for “the Banking Consolidation Directive” substitute “ the Capital Requirements Regulation, the Capital Requirements Directive ”;

(ii)after “Part as”, insert “ in that Regulation or ”.

(9) In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—

(a)in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

(b)in sub-paragraph (2)—

(i)after paragraph (d), insert—

(da)the Chartered Institute of Legal Executives;;

(ii)omit paragraph (f).

Marginal Citations

M2OJ L 309, 25.11. 05, p.15.

M3OJ L 141, 05.06.15, p.73.

M42002 c.29. Part 1 of Schedule 9 was substituted by S.I. 2007/3287. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

M5Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

M8Paragraph 1(6) was amended by S.I. 2016/680.

M9S.I. 2001/544. Article 3(1) was amended, but the amendments are not relevant to these Regulations.

M10Article 72G was inserted by S.I. 2014/366, and amended by S.I. 2015/910 and 2016/392.

M12OJ L 176, 27.6.2013, p.338.

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