These Regulations are made under section 188 of the Tax Collection and Management (Wales) Act 2016 (anaw 6) (“the Act”).

Regulation 2 amends the Proceeds of Crime Act 2002 (c. 29) in order to make supplemental provision in connection with section 186 (proceeds of crime) of the Act and the exercise of the powers contained in the Act by the Welsh Revenue Authority’s accredited financial investigators.

The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, it was not considered necessary to carry out a regulatory impact assessment as to the likely costs and benefits of complying with these Regulations.