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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)A relevant institution must inform the Treasury as soon as practicable if—
(a)it knows, or has reasonable cause to suspect, that a person—
(i)is a designated person, or
(ii)has committed an offence under any provision of Chapter 2 (prohibitions in relation to designated persons), and
(b)the information or other matter on which the knowledge or suspicion is based came to it in the course of carrying on its business.
(2)Where a relevant institution informs the Treasury under subsection (1), it must state—
(a)the information or other matter on which the knowledge or suspicion is based, and
(b)any information it holds about the person by which the person can be identified.
(3)Subsection (4) applies if—
(a)a relevant institution informs the Treasury under subsection (1) that it knows, or has reasonable cause to suspect, that a person is a designated person, and
(b)that person is a customer of the institution.
(4)The relevant institution must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.
(5)A relevant institution that fails to comply with any requirement of subsection (1), (2) or (4) commits an offence.
(1)The Treasury may request a designated person to provide information concerning—
(a)funds or economic resources owned, held or controlled by or on behalf of the designated person, or
(b)any disposal of such funds or economic resources.
(2)The Treasury may request a designated person to provide such information as the Treasury may reasonably require about expenditure—
(a)by or on behalf of the designated person, or
(b)for the benefit of the designated person.
(3)The power in subsection (1) or (2) is exercisable only where the Treasury believe that it is necessary for the purpose of monitoring compliance with or detecting evasion of this Part.
(4)The Treasury may request a person acting under a licence granted under section 17 to provide information concerning—
(a)funds or economic resources dealt with under the licence, or
(b)funds, economic resources or financial services made available under the licence.
(5)The Treasury may request any person in or resident in the United Kingdom to provide such information as the Treasury may reasonably require for the purpose of—
(a)establishing for the purposes of this Part—
(i)the nature and amount or quantity of any funds or economic resources owned, held or controlled by or on behalf of a designated person,
(ii)the nature and amount or quantity of any funds, economic resources or financial services made available directly or indirectly to, or for the benefit of, a designated person, or
(iii)the nature of any financial transactions entered into by a designated person,
(b)monitoring compliance with or detecting evasion of this Part, or
(c)obtaining evidence of the commission of an offence under this Part.
(6)The Treasury may specify the manner in which, and the period within which, information is to be provided.
(7)If no such period is specified, the information which has been requested must be provided within a reasonable time.
(8)A request may include a continuing obligation to keep the Treasury informed as circumstances change, or on such regular basis as the Treasury may specify.
(9)Information requested under this section may relate to any period of time during which a person is, or was, a designated person.
(10)Information requested under subsection (1)(b), (2) or (5)(a)(iii) may relate to any period of time before a person became a designated person (as well as, or instead of, any subsequent period of time).
(1)A request under section 20 may include a request to produce specified documents or documents of a specified description.
(2)Where the Treasury request that documents be produced, they may—
(a)take copies of or extracts from any document so produced,
(b)request any person producing a document to give an explanation of it, and
(c)where that person is a body corporate, partnership or unincorporated body other than a partnership, request any person who is—
(i)in the case of a partnership, a present or past partner or employee of the partnership,
(ii)in any other case, a present or past officer or employee of the body concerned,
to give such an explanation.
(3)Where the Treasury request a designated person or a person acting under a licence granted under section 17 to produce documents, that person must—
(a)take reasonable steps to obtain the documents (if not already in the person’s possession or control);
(b)keep the documents under the person’s possession or control (except for the purpose of providing them to the Treasury or as the Treasury may otherwise permit).
(1)A person commits an offence who—
(a)without reasonable excuse refuses or fails within the time and in the manner specified (or, if no time has been specified, within a reasonable time) to comply with any request made under this Chapter,
(b)knowingly or recklessly gives any information, or produces any document, which is false in a material particular in response to such a request,
(c)with intent to evade the provisions of this Chapter, destroys, mutilates, defaces, conceals or removes any document, or
(d)otherwise intentionally obstructs the Treasury in the exercise of their powers under this Chapter.
(2)Where a person is convicted of an offence under this section, the court may make an order requiring that person, within such period as may be specified in the order, to comply with the request.
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Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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