Search Legislation

Criminal Finances Act 2017

What Version

 Help about what version

Advanced Features

 Help about advanced features

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Criminal Finances Act 2017. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

Changes and effects yet to be applied to :

 Help about changes and effects
Close

Changes and effects

This section lists the changes and effects yet to be applied to the specific provision you are viewing.

11Sharing of information within the regulated sectorE+W+S+N.I.

This section has no associated Explanatory Notes

After section 339ZA of the Proceeds of Crime Act 2002 insert—

339ZBVoluntary disclosures within the regulated sector

(1)A person (A) may disclose information to one or more other persons if conditions 1 to 4 are met.

(2)Condition 1 is that—

(a)A is carrying on a business in the regulated sector as a relevant undertaking,

(b)the information on which the disclosure is based came to A in the course of carrying on that business, and

(c)the person to whom the information is to be disclosed (or each of them, where the disclosure is to more than one person) is also carrying on a business in the regulated sector as a relevant undertaking (whether or not of the same kind as A).

(3)Condition 2 is that—

(a)an NCA authorised officer has requested A to make the disclosure, or

(b)the person to whom the information is to be disclosed (or at least one of them, where the disclosure is to more than one person) has requested A to do so.

(4)Condition 3 is that, before A makes the disclosure, the required notification has been made to an NCA authorised officer (see section 339ZC(3) to (5)).

(5)Condition 4 is that A is satisfied that the disclosure of the information will or may assist in determining any matter in connection with a suspicion that a person is engaged in money laundering.

(6)A person may disclose information to A for the purposes of making a disclosure request if, and to the extent that, the person has reason to believe that A has in A's possession information that will or may assist in determining any matter in connection with a suspicion that a person is engaged in money laundering.

339ZCSection 339ZB: disclosure requests and required notifications

(1)A disclosure request must—

(a)state that it is made in connection with a suspicion that a person is engaged in money laundering,

(b)identify the person (if known),

(c)describe the information that is sought from A, and

(d)specify the person or persons to whom it is requested that the information is disclosed.

(2)Where the disclosure request is made by a person mentioned in section 339ZB(3)(b), the request must also—

(a)set out the grounds for the suspicion that a person is engaged in money laundering, or

(b)provide such other information as the person making the request thinks appropriate for the purposes of enabling A to determine whether the information requested ought to be disclosed under section 339ZB(1).

(3)A required notification must be made—

(a)in the case of a disclosure request made by an NCA authorised officer, by the person who is to disclose information under section 339ZB(1) as a result of the request;

(b)in the case of a disclosure request made by a person mentioned in section 339ZB(3)(b), by the person who made the request.

(4)In a case within subsection (3)(a), the required notification must state that information is to be disclosed under section 339ZB(1).

(5)In a case within subsection (3)(b), the required notification must—

(a)state that a disclosure request has been made,

(b)specify the person to whom the request was made,

(c)identify any person (if known) suspected of being engaged in money laundering in connection with whom the request was made, and

(d)provide all such other information that the person giving the notification would be required to give if making the required disclosure for the purposes of section 330 (see in particular subsection (5)(b) and (c) of that section).

339ZDSection 339ZB: effect on required disclosures under section 330 or 331

(1)This section applies if in any proceedings a question arises as to whether the required disclosure has been made for the purposes of section 330(4) or 331(4)—

(a)by a person (A) who discloses information under section 339ZB(1) as a result of a disclosure request,

(b)by a person (B) who makes a required notification in accordance with section 339ZC(3)(b) in connection with that request, or

(c)by any other person (C) to whom A discloses information under section 339ZB(1) as a result of that request.

(2)The making of a required notification in good faith is to be treated as satisfying any requirement to make the required disclosure on the part of A, B and C.

This is subject to section 339ZE(1) to (8).

(3)The making of a joint disclosure report in good faith is to be treated as satisfying any requirement to make the required disclosure on the part of the persons who jointly make the report.

This is subject to section 339ZE(10).

(4)A joint disclosure report is a report to an NCA authorised officer that—

(a)is made jointly by A and B (whether or not also jointly with other persons to whom A discloses information under section 339ZB(1)),

(b)satisfies the requirements as to content mentioned in subsection (5),

(c)is prepared after the making of a disclosure by A to B under section 339ZB(1) in connection with a suspicion of a person's engagement in money laundering, and

(d)is sent to the NCA authorised officer before the end of the applicable period.

(5)The requirements as to content are that the report must—

(a)explain the extent to which there are continuing grounds to suspect that the person mentioned in subsection (4)(c) is engaged in money laundering,

(b)identify the person (if known),

(c)set out the grounds for the suspicion, and

(d)provide any other information relevant to the matter.

(6)The applicable period is—

(a)in a case where the disclosure under section 339ZB was made as a result of a disclosure request from an NCA authorised officer by virtue of subsection (3)(a) of that section, whatever period may be specified by the officer when making the request;

(b)in a case where the disclosure was made as a result of a disclosure request from another person by virtue of subsection (3)(b) of that section, the period of 84 days beginning with the day on which a required notification is made in connection with the request.

(7)A joint disclosure report must be—

(a)approved by the nominated officer of each person that jointly makes the report, and

(b)signed by the nominated officer on behalf of each such person.

If there is no nominated officer the report must be approved and signed by another senior officer.

(8)References in this section to A, B or C include—

(a)a nominated officer acting on behalf of A, B or C, and

(b)any other person who is an employee, officer or partner of A, B or C.

339ZELimitations on application of section 339ZD(2) and (3)

(1)Subsections (2) and (3) apply in a case where the required notification is made by A (notification made as a result of disclosure request received from NCA authorised officer).

(2)Section 339ZD(2) has effect in the case of A, B or C only so far as relating to—

(a)the suspicion in connection with which the required notification is made, and

(b)matters known, suspected or believed as a result of the making of the disclosure request concerned.

(3)Accordingly, section 339ZD(2) does not remove any requirement to make the required disclosure in relation to anything known, suspected or believed that does not result only from the making of the disclosure request.

(4)Subsections (5) to (7) apply in a case where the required notification is made by B (notification made as a result of disclosure request received from another undertaking in the regulated sector).

(5)Section 339ZD(2) has effect in the case of A or C only so far as relating to—

(a)the suspicion in connection with which the notification by B is made, and

(b)matters known, suspected or believed by A or C as a result of the making of that notification.

(6)Accordingly, section 339ZD(2) does not remove any requirement to make the required disclosure in relation to anything known, suspected or believed that does not result only from the making of the notification.

(7)Section 339ZD(2) has effect in the case of B only so far as relating to—

(a)the suspicion in connection with which the notification is made, and

(b)matters known, suspected or believed by B at the time of the making of the notification.

(8)If a joint disclosure report is not made before the end of the applicable period (whether the required notification was made by A or B), section 339ZD(2)—

(a)has effect only so far as relating to any requirement to make the required disclosure that would have otherwise arisen within that period, and

(b)does not remove a requirement to make the required disclosure so far as arising after the end of that period on the part of any person in respect of matters that may become known, suspected or believed by the person after the time when the required notification was made.

(9)If a joint disclosure report is not made before the end of the applicable period, the person who made the required notification must notify an NCA authorised officer that a report is not being made as soon as reasonably practicable after the period ends.

(10)Section 339ZD(3) has effect only so far as relating to—

(a)the suspicion in connection with which the report is made, and

(b)matters known, suspected or believed at the time of the making of the report.

(11)Terms used in this section have the same meanings as in section 339ZD.

339ZFSection 339ZB: supplementary

(1)A relevant disclosure made in good faith does not breach—

(a)an obligation of confidence owed by the person making the disclosure, or

(b)any other restriction on the disclosure of information,

however imposed.

(2)But a relevant disclosure may not include information obtained from a UK law enforcement agency unless that agency consents to the disclosure.

(3)In a case where a person is acting on behalf of another (“the undertaking”) as a nominated officer—

(a)a relevant disclosure by the undertaking must be made by the nominated officer on behalf of the undertaking, and

(b)a relevant disclosure to the undertaking must be made to that officer.

(4)Subsection (1) applies whether or not the conditions in section 339ZB were met in respect of the disclosure if the person making the disclosure did so in the reasonable belief that the conditions were met.

(5)In this section—

  • relevant disclosure” means any disclosure made in compliance, or intended compliance, with section 339ZB;

  • UK law enforcement agency” means—

    (a)

    the National Crime Agency;

    (b)

    a police force in England, Scotland, Northern Ireland or Wales;

    (c)

    any other person operating in England, Scotland, Northern Ireland or Wales charged with the duty of preventing, detecting, investigating or prosecuting offences.

339ZGSections 339ZB to 339ZF: interpretation

(1)This section applies for the purposes of sections 339ZB to 339ZF.

(2)Disclosure request” means a request made for the purposes of condition 2 in section 339ZB(3).

(3)NCA authorised officer” means a person authorised for the purposes of this Part by the Director General of the National Crime Agency.

(4)Nominated officer” means a person nominated to receive disclosures under section 330.

(5)Relevant undertaking” means any of the following—

(a)a credit institution;

(b)a financial institution;

(c)a professional legal adviser;

(d)a relevant professional adviser;

(e)other persons (not within paragraphs (a) to (d)) whose business consists of activities listed in paragraph 1(1) of Schedule 9.

(6)Required disclosure” has the same meaning as in section 330(5) or (as the case may be) section 331(5).

(7)Required notification” means a notification made for the purposes of condition 3 in section 339ZB(4).

(8)For the purposes of subsection (5)—

(a)credit institution” has the same meaning as in Schedule 9;

(b)financial institution” means an undertaking that carries on a business in the regulated sector by virtue of any of paragraphs (b) to (i) of paragraph 1(1) of that Schedule;

(c)relevant professional adviser” has the meaning given by section 333E(5).

(9)Schedule 9 has effect for determining what is a business in the regulated sector.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I1S. 11 in force at Royal Assent for specified purposes, see s. 58

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

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.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources