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The Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2012
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- 2012 No. 1534
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the definition of a business in the regulated sector for the purposes of Part 3 of the Terrorism Act 2000 (c.11) (terrorist property) and Part 7 of the Proceeds of Crime Act 2002 (c.29) (money laundering) by adding the activity of bidding on behalf of others in an auction of emission allowances. Those Parts contain provisions relating to the reporting of suspicious activity, including requirements and offences specific to such businesses.
The framework for the auctioning of emissions allowances is set out in Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances (OJ L 302, 18.11.10, p.1). The Regulation requires that persons wishing to bid on behalf of others in an auction of emissions allowances must be authorised to do so. In order to be authorised, such persons must satisfy certain conditions, one of which is that they comply with the requirements of national legislation implementing the Third Money Laundering Directive (Directive 2005/60/EC OJ L 309, 25.11.2005, p.15). The Third Money Laundering Directive is implemented in part by Part 3 of the Terrorism Act 2000 and Part 7 of the Proceeds of Crime Act 2002.
Article 4 requires the Treasury to review the operation and effect of this Order and publish a report within five years after it comes into force and within every five years after that.
An Impact Assessment of the effect that this Order will have on the costs of business and the voluntary sector is available on HM Treasury’s website (www.hm-treasury.gov.uk) and is published with the Explanatory Memorandum alongside this Order on the legislation.gov.uk website.
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