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The Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No.2) Order 2012
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- 2012 No. 2299
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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). Those Parts contain provisions relating to the reporting of suspicious activity, including requirements and offences specific to such businesses. The amendment includes estate agents selling property outside the UK within the scope of the definition.
Article 4 requires the Treasury to review the operation and effect of Schedule 3A to the Terrorism Act 2000 and Schedule 9 to the Proceeds of Crime Act 2002 as amended by this Order and publish a report within five years after this Order comes into force and within every five years after that.
An Impact Assessment of the effect that this Order (and associated amendments to the Money Laundering Regulations 2007 ( S.I. 2007/2157)) 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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