Financial Services Act 2021

Section 33

SCHEDULE 12 Forfeiture of money: electronic money institutions and payment institutions

Anti-terrorism, Crime and Security Act 2001 (c. 24)

1 Schedule 1 to the Anti-terrorism, Crime and Security Act 2001 (forfeiture of terrorist property) is amended as follows.

2 Part 4B (forfeiture of terrorist money held in bank and building society accounts) is amended in accordance with paragraphs 3 to 8.

3 In the Part heading, for “bank and building society” substitute “certain”.

4 (1) Paragraph 10Q (application for account freezing order) is amended as follows.

(2) In sub-paragraph (1), for “bank or building society” substitute “relevant financial institution”.

(3) After that sub-paragraph insert—

“(1A) In this Part of this Schedule, “relevant financial institution” means—

(a) a bank,

(b) a building society,

(c) an electronic money institution, or

(d) a payment institution.”

(4) In sub-paragraph (7), at the appropriate places insert—

• ““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);””, and

• ““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

5 In paragraph 10V(1) (restriction on proceedings and remedies), for “bank or building society” substitute “relevant financial institution”.

6 In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building society” substitute “relevant financial institution”.

7 (1) Paragraph 10Y (lapse of account forfeiture notice) is amended as follows.

(2) In sub-paragraph (6), for “bank or building society” substitute “relevant financial institution”.

(3) In sub-paragraph (7)—

(a) for “If the bank or building society” substitute “If the relevant financial institution”, and

(b) for “on the bank or building society” substitute “on the institution”.

8 In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society” substitute “relevant financial institution”.

9 In Part 6 (interpretation), in paragraph 19(1), at the appropriate places insert—

• ““electronic money institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”,

• ““payment institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”, and

• ““relevant financial institution” (in Part 4B) has the meaning given by paragraph 10Q(1A),”.

Proceeds of Crime Act 2002 (c. 29)

10 Part 5 of the Proceeds of Crime Act 2002 (civil recovery of the proceeds etc of unlawful conduct) is amended as follows.

11 Chapter 3B (forfeiture of money held in bank and building society accounts) is amended in accordance with paragraphs 12 to 20.

12 In the Chapter heading, for “bank and building society” substitute “certain”.

13 In the italic heading before section 303Z1, for “bank and building society” substitute “certain”.

14 (1) Section 303Z1 (application for account freezing order) is amended as follows.

(2) In subsection (1), for “bank or building society” substitute “relevant financial institution”.

(3) After subsection (5) insert—

“(5A) In this Chapter as it extends to England and Wales and Scotland, “relevant financial institution” means—

(a) a bank,

(b) a building society,

(c) an electronic money institution, or

(d) a payment institution.”

(4) After subsection (5A) insert—

“(5B) In this Chapter as it extends to Northern Ireland, “relevant financial institution” means—

(a) a bank, or

(b) a building society.”

(5) In subsection (6), at the appropriate places insert—

• ““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);”, and

• ““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

15 In section 303Z2(3) (restrictions on making of application under section 303Z1), for “bank or building society” substitute “relevant financial institution”.

16 In section 303Z6(1), for “bank or building society” substitute “relevant financial institution”.

17 In section 303Z8(4), for “bank or building society” substitute “relevant financial institution”.

18 In section 303Z9(6)(b) (account forfeiture notice: England and Wales and Northern Ireland), for “bank or building society” substitute “relevant financial institution”.

19 (1) Section 303Z11 (lapse of account forfeiture notice) is amended as follows.

(2) In subsection (6), for “bank or building society” substitute “relevant financial institution”.

(3) In subsection (7)—

(a) for “If the bank or building society” substitute “If the relevant financial institution”, and

(b) for “on the bank or building society” substitute “on the institution”.

20 In section 303Z14(7)(a) (forfeiture order), for “bank or building society” substitute “relevant financial institution”.

21 In section 316(1) (general interpretation of Part 5), at the appropriate places insert—

• ““electronic money institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”,

• ““payment institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”, and

• ““relevant financial institution” (in Chapter 3B) has the meaning given by section 303Z1,”.