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The Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2006

S.I. 2006/2385 · Made 12 September 2006

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

PROCEEDS OF CRIME

Made 12th September 2006

Laid before Parliament 13th September 2006

Coming into force 6th April 2007

The Treasury, in exercise of the powers conferred on them by paragraph 5 of Schedule 9 to the Proceeds of Crime Act 2002f1, make the following Order:

Annotations to the whole text

Footnotes

f1

2002 c. 29.

Contents

  1. 1Citation and commencement
  2. 2Amendment of Part 1 of Schedule 9
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2006 and comes into force on 6 April 2007.

2Amendment of Part 1 of Schedule 9

In Part 1 of Schedule 9 to the Proceeds of Crime Act 2002f1 (regulated sector), in paragraph 2(g) after “a regulated mortgage contract” insert “, rights under a regulated home reversion plan or rights under a regulated home purchase plan”.

Signature

Signatory text

Dave Watts

Claire Ward

Two of the Lords Commissioners

of Her Majesty’s Treasury

12th September 2006

Explanatory note

(This note is not part of the Order)

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383) makes arranging and advising activities relating to regulated home reversion plans and regulated home purchase plans (as defined in that Order) regulated activities. This Order makes a consequential amendment.

This Order amends the Proceeds of Crime Act 2002 (c. 29) (“the Act”) to add to the list of excluded activities the regulated activities of arranging deals in investments or advising on investments, in so far as the investment consists of rights under a regulated home reversion plan or a regulated home purchase plan. The effect of this is that a business will not be in the regulated sector the extent that it conducts such activities. This is relevant to the offence of failure to disclose information concerning money laundering in section 330 of the Act which requires information to come to a person in the course of a business in the regulated sector.

A Regulatory Impact Assessment of the effect of this instrument on the costs of business has been prepared and may be obtained from the Payments and Inclusion Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk).