PART 2

Anti-money laundering

Money laundering and terrorist financing etc
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1
An appropriate Minister may by regulations make provision for one or more of the following purposes—
a
enabling or facilitating the detection or investigation of money laundering, or preventing money laundering;
b
enabling or facilitating the detection or investigation of terrorist financing, or preventing terrorist financing;
c
the implementation of Standards published by the Financial Action Task Force from time to time relating to combating threats to the integrity of the international financial system.
2
Schedule 2 makes further provision about regulations under this section.
3
In this Part—
- “money laundering” has the meaning given by section 340(11) of the Proceeds of Crime Act 2002;
- “terrorist financing” means an act which constitutes an offence under—
  1. section 15 (fund-raising), 16 (use and possession), 17 (funding arrangements), 18 (money laundering) or 63 (terrorist finance: jurisdiction) of the Terrorism Act 2000,
  2. paragraph 7(2) or (3) of Schedule 3 (freezing orders: offences) to the Anti-terrorism, Crime and Security Act 2001,
  3. regulation 10 (contravention and circumvention of prohibitions) of the ISIL (Da’esh) and Al-Qaida (Asset-Freezing) Regulations 2011 (S.I. 2011/2742), or
  4. section 11 (freezing of funds and economic resources), 12 (making funds or financial services available to designated person), 13 (making funds or financial services available for benefit of designated person), 14 (making economic resources available to designated person), 15 (making economic resources available for benefit of designated person) or 18 (circumventing prohibitions etc) of the Terrorist Asset-Freezing etc Act 2010.