Article 34G Holding of property: trusts and company arrangements etc.F1

(1)

This article applies for the purposes of articles 34A (unexplained wealth orders) and 34B (requirements for making of unexplained wealth order).

(2)

The cases in which a person (“P”) is to be taken to “hold” property include where—

(a)

P has effective control over the property,

(b)

P is the trustee of a settlement in which the property is comprised,

(c)

P is a beneficiary (whether actual or potential) in relation to such a settlement.

(3)

A person is to be taken to have “effective control” over property if, from all the circumstances, it is reasonable to conclude that the person—

(a)

exercises,

(b)

is able to exercise, or

(c)

is entitled to acquire,

direct or indirect control over the property.

(4)

Where a person holds property by virtue of paragraph (2) references to the person obtaining the property are to be read accordingly.

(5)

References to a person who holds or obtains property include any body corporate, whether incorporated or formed under the law of a part of the United Kingdom or in a country or territory outside the United Kingdom.

Annotations

Textual amendments

F1: Pt. 5A inserted (12.11.2018) by The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2018 (S.I. 2018/1078), arts. 1(2), 20

Notes on Part 5A

Textual amendments

F2: Words in Pt. 5A heading omitted (28.6.2021) by virtue of The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2021 (S.I. 2021/638), arts. 1(2), 56(1)