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United Kingdom Statutory Instruments


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URL: http://www.bailii.org/uk/legis/num_reg/2003/20033074.html

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2003 No. 3074

PROCEEDS OF CRIME

The Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2003

  Made 28th November 2003 
  Laid before Parliament 28th November 2003 
  Coming into force in accordance with article 1

The Treasury, in exercise of the powers conferred on them by section 459(2) of, and paragraph 5 of Schedule 9 to, the Proceeds of Crime Act 2002[1], hereby make the following Order:

Citation, commencement and interpretation
     1.  - (1) This Order may be cited as the Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2003 and comes into force on 1st March 2004.

    (2) Despite paragraph (1) above - 

    (3) In this Order - 

Amendment of Part 1 of Schedule 9
    
2. For Part 1 of Schedule 9 (regulated sector), substitute the text set out in the Schedule to this Order.

Amendment of Part 2 of Schedule 9
    
3. In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4 insert after sub-paragraph (1)(e) - 

Transitional provision
    
4. Sections 330 and 331 of the Act shall not have effect in relation to a person who engages in any of the activities mentioned in paragraph 1(1)(f) to (n) of Schedule 9 (as substituted by article 2 above) where the information or other matter on which knowledge or suspicion that another person is engaged in money laundering is based, or which gives reasonable grounds for such knowledge or suspicion, came to that person before 1st March 2004.


John Heppell

Nick Ainger
Two of the Lords Commissioners of Her Majesty's Treasury

28 November 2003



SCHEDULE
Article 2





EXPLANATORY NOTE

(This note is not part of the Order)


This Order amends the meaning of a business in the regulated sector in Part 1 of Schedule 9 to the Proceeds of Crime Act 2002 (c. 29) to take into account Directive 2001/97/EC of the European Parliament and of the Council amending Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering. This Order also adds two bodies to the list of supervisory authorities in Part 2 of that Schedule.


Notes:

[1] 2002 c. 29.back



ISBN 0 11 048399 5


  Prepared 2 January 2004


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URL: http://www.bailii.org/uk/legis/num_reg/2003/20033074.html