Terrorist Asset-Freezing etc. Act 2010

• Citation: 2010 c. 38
• Sections: 67

Section 1 Meaning of “designated person”

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Section 2 Treasury's power to make final designation

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Section 3 Notification of final designation

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Section 4 Duration of final designation

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Section 5 Variation or revocation of final designation

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Section 6 Treasury's power to make interim designation

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Section 7 Notification of interim designation

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Section 8 Duration of interim designation

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Section 9 Variation or revocation of interim designation

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Section 10 Confidential information

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Section 11 Freezing of funds and economic resources

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Section 12 Making funds or financial services available to designated person

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Section 13 Making funds or financial services available for benefit of designated person

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Section 14 Making economic resources available to designated person

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Section 15 Making economic resources available for benefit of designated person

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Section 16 Exceptions

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Section 17 Licences

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Section 18 Circumventing prohibitions etc.

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Section 19 Reporting obligations of relevant institutions

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Section 20 Powers to request information

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Section 21 Production of documents

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Section 22 Failure to comply with request for information

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Section 23 General power to disclose information

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Section 24 Co-operation with UK or international investigations

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Section 25 Application of provisions

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Section 26 Appeal to the court in relation to designations

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Section 27 Review of other decisions by the court

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Section 28 Appeals and reviews: supplementary

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Section 29 Initial exercise of powers to make rules of court

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Section 30 Treasury report on operation of Part 1

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Section 31 Independent review of operation of Part 1

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Section 32 Penalties

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Section 33 Extra-territorial application of offences

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Section 34 Liability of officers of body corporate etc.

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Section 35 Jurisdiction to try offences

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Section 36 Time limit for proceedings for summary offences

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Section 37 Consent to prosecution

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Section 38 Procedure for offences by unincorporated bodies

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Section 39 Meaning of “funds” and “economic resources”

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Section 40 Meaning of “financial services”

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Section 41 Meaning of “relevant institution”

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Section 42 Interpretation: general

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Section 43 Service of notices

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Section 44 Crown application

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Section 45 Consequential amendments, repeals and revocations

(1) Part 1 of Schedule 1 (which contains amendments consequential on this Part) has effect.

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Section 46 Transitional provisions and savings

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Section 47 Power to repeal Part

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Section 48 Directions to branches of credit institutions and financial institutions

(1) In paragraph 5 of Schedule 7 to the Counter-Terrorism Act 2008 (directions in relation to terrorist financing and money laundering etc : meaning of “credit institution” and “financial institution”)—

(a) for sub-paragraph (1) substitute—

(1) Credit institution” means a credit institution, as defined in Article 4(1)(a) of the banking consolidation directive, when it accepts deposits or other repayable funds from the public or grants credits for its own account (within the meaning of that directive).

(b) after sub-paragraph (2)(b) insert—

(ba) a person equivalent to an insurance company within paragraph (b) whose head office is located in a non-EEA state, when carrying out activities of the kind mentioned in paragraph (b);

(c) omit sub-paragraph (2)(f), and

(d) after sub-paragraph (2) insert—

(3) The fact that an institution's head office is located in a non-EEA state does not prevent it from being a credit institution or a financial institution for the purposes of this Schedule.

(2) In paragraph 9 of that Schedule (requirements that may be imposed by a direction), after sub-paragraph (5) insert—

(5A) Descriptions of transactions or business relationships for the purposes of sub-paragraph (5)(b) may, in particular, include transactions or business relationships of a particular branch (or description of branch) of a relevant person.

Section 49 Directions in relation to subsidiaries

(1) Paragraph 9 of Schedule 7 to the Counter-Terrorism Act 2008 (requirements that may be imposed by a direction) is amended as follows.

(2) In sub-paragraph (1), after paragraph (c), insert—

(d) a company that is a subsidiary of a company within paragraph (a) or (c).

(3) After sub-paragraph (6) insert—

(7) In this paragraph “ subsidiary ” has the meaning given by section 1159 of the Companies Act 2006 (and “ company ” has the same meaning as in that section).

Section 50 Circumventing requirements of Schedule 7 directions

(1) Schedule 7 to the Counter-Terrorism Act 2008 is amended as follows.

(2) After paragraph 25 (civil penalties for failure to comply with requirements) insert—

25A 1 An enforcement authority may impose a penalty of such amount as it considers appropriate on a relevant person who has intentionally participated in activities knowing that the object or effect of them was (whether directly or indirectly) to circumvent a requirement imposed by a direction under this Schedule. 2 In sub-paragraph (1) “ appropriate ” means effective, proportionate and dissuasive. 3 A person on whom a penalty is imposed under this paragraph is not liable to be proceeded against for an offence under paragraph 30A in respect of participation in the same activities. 3 After paragraph 30 (offence of failing to comply with requirements) insert— Offences: relevant person circumventing requirements

(30A)

(1) A relevant person who intentionally participates in activities knowing that the object or effect of them is (whether directly or indirectly) to circumvent a requirement imposed by a direction under this Schedule commits an offence.

(2) A person guilty of an offence under this paragraph is liable—

(a) on summary conviction, to a fine not exceeding the statutory maximum;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.

(3) A person who is convicted of an offence under this paragraph is not liable to a penalty under paragraph 25A in respect of participation in the same activities.