Regulation 70 Finance: reporting obligationsI1

A relevant firm must inform the Treasury as soon as practicable if—

A relevant firm must also inform the Treasury as soon as practicable if—

Where the relevant firm F4... —

it must by no later than F630th November in each calendar year, provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by that firm as of 30th September in that calendar year.

An involved person must inform the Treasury as soon as practicable if—

Where a relevant firm informs the Treasury under paragraph (1) F10or an involved person informs the Treasury under paragraph (1A), it must state—

An involved person must also state, where they inform the Treasury under paragraph (1A), the nature, amount, value, or quantity of any goods or services related to the suspected offence at the time when they first had the knowledge or suspicion.

Paragraph (4) applies if—

The relevant firm must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.

Where a person (“P”) knows, or has reasonable cause to suspect, that P holds funds or economic resources owned, held or controlled by a designated person, P must by no later than 30th November in each calendar year provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by P as of 30th September in that calendar year.

Where a report has been provided further to paragraph (4A) but as of 30th September in the following calendar year P no longer holds funds or economic resources owned, held or controlled by the designated person, P must by no later than 30th November in that calendar year report this to the Treasury.

For the purposes of paragraphs (4A) and (4B), funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

Paragraphs (4A) and (4B) do not apply where P is a designated person who is required to report to the Treasury in accordance with regulation 70A(1) or (2) (designated persons: reporting obligations), except in so far as P is a designated person who holds funds or economic resources for another designated person.

A relevant institution must inform the Treasury without delay if that institution—

A person who fails to comply with a requirement in paragraph (1), F17(1ZA), (1ZB), F18(1A), (2), (2A) or (4) commits an offence.

A person commits an offence if that person, without reasonable excuse, fails to comply with a requirement in paragraph (4A) or (4B).

In this regulation—

• “designated person” has the same meaning as it has in Chapter 1 of Part 3 (Finance);

• “frozen account” has the same meaning as it has in regulation 58;

• F20“involved person” means a person who is involved in—

  1. (a)

     the supply or delivery of oil and oil products; or

  2. (b)

     the provision of financial services or funds or brokering services relating to the supply or delivery of oil and oil products;

• “oil and oil products” has the meaning given in regulation 21(1) (interpretation of Part 5);

• F21“prohibited person” means a person to whom financial services must not be provided by virtue of regulation 18A(1);

• “relevant firm” is to be read in accordance with regulation 71;

• “relevant institution” has the same meaning as it has in regulation 58.