Article 7 Failure to disclose knowledge or suspicion of offences

(1)

A relevant institution is guilty of an offence if—

(a)

it knows or suspects that a person who is, or has been at any time since the coming into force of this Order, a customer of the institution, or is a person with whom the institution has had dealings in the course of its business since that time–

(i)

is a designated person; or

(ii)

is a person acting on behalf of a designated person; or

(iii)

has committed an offence under article 3, 4(9), 5 or 6(2); and

(b)

it does not disclose to the Treasury the information or other matter on which the knowledge or suspicion is based as soon as is reasonably practicable after that information or other matter comes to its attention.

(2)

Where a relevant institution discloses to the Treasury–

(a)

its knowledge or suspicion that a person is a designated person, a person acting on behalf of a designated person, or a person who has committed an offence under article 3, 4(9), 5 or 6(2); or

(b)

any information or other matter on which that knowledge or suspicion is based,

the disclosure shall not be treated as a breach of any restriction imposed by statute or otherwise.