Part 7

Money Laundering

Offences

Interpretation of sections 333A to 333D
333E
1
For the purposes of sections 333A to 333D, Schedule 9 has effect for determining—
a
what is a business in the regulated sector, and
b
what is a supervisory authority.
2
In those sections—
- “credit institution” has the same meaning as in Schedule 9;
- “financial institution” means an undertaking that carries on a business in the regulated sector by virtue of any of paragraphs (b) to (i) of paragraph 1(1) of that Schedule.
3
References in those sections to a disclosure by or to a credit institution or a financial institution include disclosure by or to an employee, officer or partner of the institution acting on its behalf.
4
For the purposes of those sections a country or territory imposes "equivalent money laundering requirements" if it imposes requirements equivalent to those laid down in
Directive 2015/849/EU of the Council of 20th May 2015
on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
, as amended by Directive 2018/843 of the European Parliament and of the Council of 30th May 2018
.
5
In those sections “relevant professional adviser” means an accountant, auditor or tax adviser who is a member of a professional body which is established for accountants, auditors or tax advisers (as the case may be) and which makes provision for—
a
testing the competence of those seeking admission to membership of such a body as a condition for such admission; and
b
imposing and maintaining professional and ethical standards for its members, as well as imposing sanctions for non-compliance with those standards.
Words in s. 333E(4) inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 15(2)
Words in s. 333E(4) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 6(3) (with regs. 8, 15)
Ss. 333A-333E inserted (26.12.2007) by Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007 (S.I. 2007/3398), reg. 1(2), Sch. 2 para. 4
Pt. 7 applied (24.2.2003) by Proceeds of Crime Act 2002 (Crown Servants) Regulations 2003 (S.I. 2003/173), regs. 1, 3