Statutory Instruments
2011 No. 2833
Financial Services
The Money Laundering (Amendment No.2) Regulations 2011
Made
23rd November 2011
Laid before Parliament
24th November 2011
Coming into force
31st March 2012
The Treasury are a government department designated( 1 ) for the purposes of section 2(2) of the European Communities Act 1972( 2 ) in relation to the prevention of money laundering and terrorist financing;
The Treasury, in exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972, make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Money Laundering (Amendment No.2) Regulations 2011 and come into force on 31st March 2012.
Change of supervisory authority for Northern Ireland credit unions
2.The Money Laundering Regulations 2007( 3 ) are amended as follows.
(a) In regulation 23(1)—
(i) after sub-paragraph (a)(v) insert—
“ (vi) credit unions in Northern Ireland; ” ; and
(ii) omit sub-paragraph (f)(i).
(b) In the definition of “designated authority” in regulation 36—
(i) in paragraph (b), insert “and” after “the Commissioners;”; and
(ii) omit paragraph (d), together with “and” immediately preceding it.
(c) In the definition of “officer” in regulation 36—
(i) in paragraph (c), insert “or” after “the OFT;”; and
(ii) omit paragraph (e), together with “or” immediately preceding it.
Review
3. —(1) The Treasury must from time to time—
(a) carry out a review of regulation 2,
(b) set out the conclusions of the review in a report, and
(c) publish the report.
(2) The report must in particular—
(a) set out the objectives intended to be achieved by the amendments made by regulation 2,
(b) assess the extent to which those objectives are achieved, and
(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(3) The first report under this regulation must be published before the end of the period of five years beginning with 31st March 2012 in conjunction with the Treasury’s report setting out the conclusions of its review under article 3 of the Financial Services and Markets Act 2000 (Exemption) (Amendment No 2) Order 2011( 4 ).
(4) Reports under this regulation are afterwards to be published at intervals not exceeding five years.
Michael Fabricant
Angela Watkinson
Two of the Lords Commissioners of Her Majesty’s Treasury
23rd November 2011
1972 c. 68 ; section 2(2) was amended by section 27(2) of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and Part 1 of the Schedule to, the European Union (Amendment) Act 2008 (c. 7) .
S.I. 2007/2157 . was amended by the Terrorist Asset-Freezing etc. Act 2010 (c.38) , sections 45(1), 52(1), Schedule 1, Part 1, paragraph 6(a), and Schedule 2, Part 1 and by S.I. 2007/3299 , S.I. 2009/56 , S.I. 2009/209 , S.I. 2009/1835 , S.I. 2009/1912 , S.I. 2010/22 , S.I. 2010/86 , S.I. 2011/99 and S.I. 2011/1781 .