Financial Services Act 2021

Section 33

SCHEDULE 12 U.K. Forfeiture of money: electronic money institutions and payment institutions

Anti-terrorism, Crime and Security Act 2001 (c. 24) U.K.

1 U.K. Schedule 1 to the Anti-terrorism, Crime and Security Act 2001 (forfeiture of terrorist property) is amended as follows.

2 U.K. Part 4B (forfeiture of terrorist money held in bank and building society accounts) is amended in accordance with paragraphs 3 to 8.

3 U.K. In the Part heading, for “bank and building society” substitute “ certain ”.

4 (1) Paragraph 10Q (application for account freezing order) is amended as follows. U.K.

(2) In sub-paragraph (1), for “bank or building society” substitute “ relevant financial institution ”.

(3) After that sub-paragraph insert—

“(1A) In this Part of this Schedule, “relevant financial institution” means—

(a) a bank,

(b) a building society,

(c) an electronic money institution, or

(d) a payment institution.”

(4) In sub-paragraph (7), at the appropriate places insert—

““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);””, and

““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

5 U.K. In paragraph 10V(1) (restriction on proceedings and remedies), for “bank or building society” substitute “ relevant financial institution ”.

6 U.K. In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building society” substitute “ relevant financial institution ”.

7 (1) Paragraph 10Y (lapse of account forfeiture notice) is amended as follows. U.K.

(2) In sub-paragraph (6), for “bank or building society” substitute “ relevant financial institution ”.

(3) In sub-paragraph (7)—

(a) for “If the bank or building society” substitute “ If the relevant financial institution ”, and

(b) for “on the bank or building society” substitute “ on the institution ”.

8 U.K. In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society” substitute “ relevant financial institution ”.

9 U.K. In Part 6 (interpretation), in paragraph 19(1), at the appropriate places insert—

““electronic money institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”,

““payment institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”, and

““relevant financial institution” (in Part 4B) has the meaning given by paragraph 10Q(1A),”.

Proceeds of Crime Act 2002 (c. 29) U.K.

10 U.K. Part 5 of the Proceeds of Crime Act 2002 (civil recovery of the proceeds etc of unlawful conduct) is amended as follows.

Commencement Information

I1 Sch. 12 para. 10 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I2 Sch. 12 para. 10 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

11 U.K. Chapter 3B (forfeiture of money held in bank and building society accounts) is amended in accordance with paragraphs 12 to 20.

Commencement Information

I3 Sch. 12 para. 11 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I4 Sch. 12 para. 11 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

12 U.K. In the Chapter heading, for “bank and building society” substitute “ certain ”.

Commencement Information

I5 Sch. 12 para. 12 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I6 Sch. 12 para. 12 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

13 U.K. In the italic heading before section 303Z1, for “bank and building society” substitute “ certain ”.

Commencement Information

I7 Sch. 12 para. 13 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I8 Sch. 12 para. 13 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

14 (1) Section 303Z1 (application for account freezing order) is amended as follows. U.K.

(2) In subsection (1), for “bank or building society” substitute “ relevant financial institution ”.

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In subsection (6), at the appropriate places insert—

““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);”, and

““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

Textual Amendments

F1 Sch. 12 para. 14(3) omitted (28.6.2022) by virtue of Police, Crime, Sentencing and Courts Act 2022 (c. 32), ss. 59(4), 208(5)(h)

F2 Sch. 12 para. 14(4) omitted (28.6.2022) by virtue of Police, Crime, Sentencing and Courts Act 2022 (c. 32), ss. 59(4), 208(5)(h)

Commencement Information

I9 Sch. 12 para. 14 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I10 Sch. 12 para. 14 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

15 U.K. In section 303Z2(3) (restrictions on making of application under section 303Z1), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I11 Sch. 12 para. 15 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I12 Sch. 12 para. 15 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

16 U.K. In section 303Z6(1), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I13 Sch. 12 para. 16 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I14 Sch. 12 para. 16 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

17 U.K. In section 303Z8(4), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I15 Sch. 12 para. 17 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I16 Sch. 12 para. 17 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

18 U.K. In section 303Z9(6)(b) (account forfeiture notice: England and Wales and Northern Ireland), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I17 Sch. 12 para. 18 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I18 Sch. 12 para. 18 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

19 (1) Section 303Z11 (lapse of account forfeiture notice) is amended as follows. U.K.

(2) In subsection (6), for “bank or building society” substitute “ relevant financial institution ”.

(3) In subsection (7)—

(a) for “If the bank or building society” substitute “ If the relevant financial institution ”, and

(b) for “on the bank or building society” substitute “ on the institution ”.

Commencement Information

I19 Sch. 12 para. 19 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I20 Sch. 12 para. 19 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

20 U.K. In section 303Z14(7)(a) (forfeiture order), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I21 Sch. 12 para. 20 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I22 Sch. 12 para. 20 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

21 U.K. In section 316(1) (general interpretation of Part 5), at the appropriate places insert—

““electronic money institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”,

““payment institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”, and

““relevant financial institution” (in Chapter 3B) has the meaning given by section 303Z1,”.

Commencement Information

I23 Sch. 12 para. 21 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I24 Sch. 12 para. 21 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2