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The Money Laundering Regulations 2007

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28.—(1) The Commissioners must refuse to register an applicant as a money service business or trust or company service provider if they are satisfied that—

(a)the applicant;

(b)a person who effectively directs, or will effectively direct, the business or service provider;

(c)a beneficial owner of the business or service provider; or

(d)the nominated officer of the business or service provider,

is not a fit and proper person.

(2) For the purposes of paragraph (1), a person is not a fit and proper person if he—

(a)has been convicted of—

(i)an offence under the Terrorism Act 2000(1);

(ii)an offence under paragraph 7(2) or (3) of Schedule 3 to the Anti-Terrorism, Crime and Security Act 2001(2) (offences);

(iii)an offence under the Terrorism Act 2006(3);

(iv)an offence under Part 7 (money laundering) of, or listed in Schedule 2 (lifestyle offences: England and Wales), 4 (lifestyle offences: Scotland) or 5 (lifestyle offences: Northern Ireland) to, the Proceeds of Crime Act 2002(4);

(v)an offence under the Fraud Act 2006(5) or, in Scotland, the common law offence of fraud;

(vi)an offence under section 72(1), (3) or (8) of the Value Added Tax Act 1994(6) (offences); or

(vii)the common law offence of cheating the public revenue;

(b)has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged;

(c)is subject to a disqualification order under the Company Directors Disqualification Act 1986(7);

(d)is or has been subject to a confiscation order under the Proceeds of Crime Act 2002;

(e)has consistently failed to comply with the requirements of these Regulations, the Money Laundering Regulations 2003(8) or the Money Laundering Regulations 2001(9);

(f)has consistently failed to comply with the requirements of regulation 2006/1781/EC of the European Parliament and of the Council of 15th November 2006 on information on the payer accompanying the transfer of funds(10);

(g)has effectively directed a business which falls within sub-paragraph (e) or (f);

(h)is otherwise not a fit and proper person with regard to the risk of money laundering or terrorist financing.

(3) For the purposes of this regulation, a conviction for an offence listed in paragraph (2)(a) is to be disregarded if it is spent for the purposes of the Rehabilitation of Offenders Act 1974(11).

(10)

OJ No L 345, 8.12.2006, p.1.

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