Statutory Instruments
2006 No. 308
PROCEEDS OF CRIME
FINANCIAL SERVICES
The Proceeds of Crime Act 2002 and Money Laundering Regulations 2003 (Amendment) Order 2006
Made
14th February 2006
Coming into force
21st February 2006
At the Court at Buckingham Palace, the 14th day of February 2006
Present,
The Queen’s Most Excellent Majesty in Council
Her Majesty, in exercise of the powers conferred on Her by section 2(2) of the European Communities Act 1972( 1 ), is pleased, by and with the advice of Her Privy Council, to make the following Order:
In accordance with paragraph 2(2) of Schedule 2 to that Act, a draft of this Order was laid before Parliament and approved by resolution of each House of Parliament:—
1. This Order may be cited as the Proceeds of Crime Act 2002 and Money Laundering Regulations 2003 (Amendment) Order 2006 and shall come into force on the expiry of one week beginning with the day on which it is made.
2. —(1)Section 330 of the Proceeds of Crime Act 2002( 2 ) (failure to disclose: regulated sector) is amended as follows.
(2) In subsections (6)(b), (9A)(a) and (10) after “professional legal adviser” there is inserted “or other relevant professional adviser”.
(3) In subsection (6)(c) after “subsection (7)” there is inserted “or (7B)”.
(4) After subsection (7A)( 3 ) there is inserted—
“ (7B) This subsection applies to a person if—
(a) he is employed by, or is in partnership with, a professional legal adviser or a relevant professional adviser to provide the adviser with assistance or support,
(b) the information or other matter mentioned in subsection (3) comes to the person in connection with the provision of such assistance or support, and
(c) the information or other matter came to the adviser in privileged circumstances. ” .
(5) After subsection (13) there is inserted—
“ (14) A relevant professional adviser is an accountant, auditor or tax adviser who is a member of a professional body which is established for accountants, auditors or tax advisers (as the case may be) and which makes provision for—
(a) testing the competence of those seeking admission to membership of such a body as a condition for such admission; and
(b) imposing and maintaining professional and ethical standards for its members, as well as imposing sanctions for non-compliance with those standards . ” .
3. —(1)Regulation 7 of the Money Laundering Regulations 2003( 4 ) (internal reporting procedures) is amended as follows.
(2) In paragraphs (3) and (4) after “professional legal adviser” there is inserted “or other relevant professional adviser”.
(3) For paragraph (6) there is substituted—
“ (6) A relevant professional adviser is an accountant, auditor or tax adviser who is a member of a professional body which is established for accountants, auditors or tax advisers (as the case may be) and which makes provision for—
(a) testing the competence of those seeking admission to membership of such a body as a condition for such admission; and
(b) imposing and maintaining professional and ethical standards for its members, as well as imposing sanctions for non-compliance with those standards.
(7) Paragraph (1)(b) also does not apply to a person if—
(a) he is employed by, or is in partnership with, a professional legal adviser or a relevant professional adviser to provide the adviser with assistance or support,
(b) the information or other matter mentioned in paragraph (1)(b) comes to the person in connection with the provision of such assistance or support, and
(c) the information or other matter came to the adviser in privileged circumstances. ” .
A. K. Galloway
Clerk of the Privy Council
2002 c. 29 ; section 330(6) was substituted by section 104 of the Serious Organised Crime and Police Act 2005 (c. 15) and section 330(9A) was inserted by section 106(2) of that Act.
Section 330(7A) was inserted by section 102(5) of the Serious Organised Crime and Police Act 2005.
S.I. 2003/3075 .