The Proceeds of Crime Act 2002 and Money Laundering Regulations 2003 (Amendment) Order 2006

• Citation: S.I. 2006/308
• Sections: 3

Section 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.

Section 2

(1) Section 330 of the Proceeds of Crime Act 2002 (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) 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 .

Section 3

(1) Regulation 7 of the Money Laundering Regulations 2003 (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.