C1Part 7Money Laundering

Annotations:
Modifications etc. (not altering text)

Offences

333BF1 Disclosures within an undertaking or group etc

1

An employee, officer or partner of an undertaking does not commit an offence under section 333A if the disclosure is to an employee, officer or partner of the same undertaking.

2

A person does not commit an offence under section 333A in respect of a disclosure by a credit institution or a financial institution if—

a

the disclosure is to a credit institution or a financial institution,

b

the institution to whom the disclosure is made is situated in an EEA State or in a country or territory imposing equivalent money laundering requirements, and

c

both the institution making the disclosure and the institution to whom it is made belong to the same group.

3

In subsection (2) “group” has the same meaning as in Directive 2002/87/ EC of the European Parliament and of the Council of 16 th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.

4

A professional legal adviser or a relevant professional adviser does not commit an offence under section 333A if—

a

the disclosure is to professional legal adviser or a relevant professional adviser,

b

both the person making the disclosure and the person to whom it is made carry on business in an EEA State or in a country or territory imposing equivalent money laundering requirements, and

c

those persons perform their professional activities within different undertakings that share common ownership, management or control.