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The Criminal Finances Act 2017 (Commencement No. 3) Regulations 2017

S.I. 2017/1028 · Made 25 October 2017

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

Prevention And Suppression Of Terrorism

Made 25th October 2017

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 58(1) and (7) of the Criminal Finances Act 2017f1.

Annotations to the whole text

Footnotes

f1

2017 c. 22.

Contents

  1. 1Citation
  2. 2Provisions of the Act coming into force on 31st October 2017
  3. Signature
  4. Explanatory note

1Citation

These Regulations may be cited as the Criminal Finances Act 2017 (Commencement No. 3) Regulations 2017.

2Provisions of the Act coming into force on 31st October 2017

The following provisions of the Criminal Finances Act 2017 come into force on 31st October 2017—

(a)

section 11 (sharing of information within the regulated sector) so far as it applies to relevant undertakings within section 339ZG(5)(a) of the Proceeds of Crime Act 2002f1;

(b)

section 36 (sharing of information within the regulated sector) so far as it applies to relevant undertakings within section 21CF(6)(a) of the Terrorism Act 2000f2.

Signature

Ben Wallace

Minister of State

Home Office

25th October 2017

Explanatory note

(This note is not part of the Regulations)

These Regulations are the third commencement regulations made under the Criminal Finances Act 2017 (c.22) (“the Act”), which amends the Proceeds of Crime Act 2002 (c. 29) (“POCA”) and the Terrorism Act 2000 (c.11) (“TACT”).

They bring the provisions listed in regulation 2 into force on 31st October 2017. Section 11 of the Act introduces a new procedure in POCA for entities within the regulated sector (as defined in Schedule 9 to POCA and Schedule 3A to TACT) to share information relating to suspicion that a person is engaged in money laundering, for the purpose of developing a joint disclosure report to the National Crime Agency. Section 36 of the Act introduces a similar procedure into TACT.

These measures are commenced by regulation 2 so far as they apply to credit institutions, as defined in Schedule 9 to POCA and Schedule 3A to TACT.