Search Legislation

The Republic of Maldives (Asset-Freezing) Regulations 2018

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Reporting obligations of relevant institutions and others

This section has no associated Explanatory Memorandum

1.—(1) A relevant institution or relevant business or profession 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 regulation 9 or 10, 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 or relevant business or profession informs the Treasury under sub-paragraph (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) Sub-paragraph (4) applies if—

(a)a relevant institution or relevant business or profession informs the Treasury under sub-paragraph (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 or relevant business or profession.

(4) The relevant institution or relevant business or profession must also state the nature and amount or quantity of any funds or economic resources held by it for the customer.

(5) A relevant institution or relevant business or profession that fails to comply with any requirement of sub-paragraph (1), (2) or (4) commits an offence.

(6) In this paragraph, a “relevant business or profession” means—

(a)an auditor;

(b)a casino;

(c)a dealer in precious metals or stones;

(d)an estate agent;

(e)an external accountant;

(f)an independent legal professional;

(g)a tax adviser; and

(h)a trust or company service provider,

operating in the United Kingdom.

(7) For the purpose of sub-paragraph (6)—

“auditor” means any firm or sole practitioner who is—

(a)

a statutory auditor within the meaning of Part 42 of the Companies Act 2006(1) (statutory auditors), when carrying out statutory audit work within the meaning of section 1210 of that Act (meaning of statutory auditor); or

(b)

a local auditor within the meaning of section 4(1) of the Local Audit and Accountability Act 2014(2) (general requirements for audit), when carrying out an audit required by that Act;

“casino” means the holder of a casino operating licence and, for this purpose, a “casino operating licence” has the meaning given by section 65(2)(a) of the Gambling Act 2005(3) (nature of a licence);

“dealer in precious metals or stones” means a person engaged in the business of making, supplying, selling (including selling by auction) or exchanging—

(a)

articles made from gold, silver, platinum or palladium; or

(b)

precious stones or pearls;

“estate agent” means a firm or sole practitioner, who, or whose employees, carry out estate agency work, when the work is being carried out;

“external accountant” means a firm or sole practitioner who by way of business provides accountancy services to other persons, when providing such services;

“independent legal professional” means a firm or sole practitioner who by way of business provides legal or notarial services to other persons, when providing such services;

“tax adviser” means a firm or sole practitioner who by way of business provides advice about the tax affairs of other persons, when providing such services;

“trust or company service provider” means a firm or sole practitioner who by way of business provides any of the following services to other persons, when that firm or practitioner is providing such services—

(a)

forming companies or other legal persons;

(b)

acting, or arranging for another person to act—

(i)

as a director or secretary of a company;

(ii)

as a partner of a partnership; or

(iii)

in a similar capacity in relation to other legal persons;

(c)

providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or arrangement;

(d)

acting, or arranging for another person to act, as—

(i)

a trustee of an express trust or similar legal arrangement; or

(ii)

a nominee shareholder for a person.

(8) In sub-paragraph (7)—

(a)in the definition of “estate agent”, “estate agency work” is to be read in accordance with section 1 of the Estate Agents Act 1979 (estate agency work)(4), but for those purposes references in that section to disposing of or acquiring an interest in land are (despite anything in section 2 of that Act) to be taken to include reference to disposing of or acquiring an estate or interest in land outside the United Kingdom where that estate or interest is capable of being owned or held as a separate interest;

(b)“firm” means any entity that, whether or not a legal person, is not an individual and includes a body corporate and a partnership or other unincorporated association.

(4)

1979 c.38. Section 1 was amended by paragraph 40 of Schedule 1 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73), paragraph 42 of Schedule 2 to the Planning (Consequential Provisions) Act 1990 (c.11), paragraph 28 of Schedule 2 to the Planning (Consequential Provisions) (Scotland) Act 1997 (c.11), section 70 of the Enterprise and Regulatory Reform Act 2013 (c.24) and S.I. 2001/1283.

Back to top

Options/Help

Print Options

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

Opening Options

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

Close

Explanatory Memorandum

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 and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

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 made 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