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Proceeds of Crime Act 2002

Schedule 9: Regulated sector and supervisory authorities

499.Part 1 of this Schedule defines what is or is not a business in the regulated sector for the purpose of section 330(3). It is broadly based on Article 4 of the Money Laundering Regulations 1993 (SI 1933/1993) as amended by article 439 of the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 [SI 3649/2001]. A business that engages in activities listed in paragraph 1, in addition to other non-regulated activities, is only in the regulated sector to the extent that it carries on the listed activities. This ensures that people working in businesses which conduct both regulated and unregulated activities would only be caught by the failure to disclose offence at section 330 whilst actually carrying out the regulated activities and not in the course of other non-regulated activities.

500.Part 2 of Schedule 9 lists supervisory authorities for the purpose of section 330(8)(a), and is consistent with Article 15 of the 1993 Money Laundering Regulations (as amended by the Money Laundering Regulations 2001, SI 3641/2001).

501.Part 3 of Schedule 9 provides that the Treasury may by Order amend the definitions in Part 1 and 2 of the Schedule.

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