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7. (1) A relevant institution must inform the Treasury—
(a)if it knows or suspects that a relevant person—
(i)is a designated person;
(ii)is a person acting on behalf of a designated person; or
(iii)has committed an offence under article 3(1), 4(9), 5 or 6(2); and
(b)of the information or other matter on which the knowledge or suspicion is based
as soon as is reasonably practicable after that information or other matter comes to its attention.
(2) A “relevant person” means a person who is, or has been at any time since the coming into force of this Order—
(a)a customer of the institution; or
(b)a person with whom the institution has had dealings in the course of its business since that time.
(3) A relevant institution that fails to comply with the requirement in paragraph (1) is guilty of an offence.
(4) A disclosure made under paragraph (1) is not to be treated as a breach of any restriction imposed by statute or otherwise.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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