There has been published on the website, The Criminal Finances Act 2017 (Commencement No. 2 and Transitional Provisions) Regulations 2017. These Regulations are the second commencement regulations made under the Criminal Finances Act 2017 (the Act) which amends the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT).

The Regulations bring the provisions listed in regulation 2 into force on 31 October 2017. Those provisions relate to the following matters:

  • section 10 of the Act amends the provisions in POCA which apply where an entity in the regulated sector has reported a suspicion of money laundering, and has sought consent from a nominated officer, a constable or a customs officer to carry out a particular transaction;
  • section 11 of the Act introduces a new procedure in POCA for entities within the regulated sector 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 (NCA). Section 36 introduces a similar procedure into TACT;
  • section 12 of the Act introduces a power for the NCA to apply to the court for an order requiring the respondent to provide further information relating to a disclosure made under Part 7 of POCA. Section 37 introduces a similar power into TACT;
  • section 15 of the Act introduces a new chapter 3A into Part 5 of POCA, which includes power for law enforcement agencies to seize and forfeit certain listed items of property. The Regulations commence new sections 303G and 303H only, so far as they are not already commenced by virtue of section 58(6)(d) of the Act; and
  • section 53 of the Act which gives effect to Schedule 5 which contains a number of minor and technical amendments.

View The Criminal Finances Act 2017 (Commencement No.2 and Transitional Provisions) Regulations 2017, 17 October 2017