F1C1C2C3C4F2Part 1Terrorist Asset-Freezing

Annotations:
Amendments (Textual)
F1

Pt. 1 amendment to earlier affecting provision SI 2011/750, arts. 2, 3, Schs. 1-3 (8.3.2017) by The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 (S.I. 2017/157), arts. 1(1), 3-5

F2

Pt. 1 repealed (except s. 45(1) for specified purposes and Sch. 1 paras. 1-5) (31.12.2020) by Sanctions and Anti-Money Laundering Act 2018 (c. 13), ss. 59(1), 64(2) (with ss. 52(3), 53, 58, 59(2)(3)); S.I. 2020/1535, reg. 3(b)

Modifications etc. (not altering text)
C1

Pt. 1 extended (Isle of Man) (with modifications) (17.3.2011) by The Terrorist Asset-Freezing etc. Act 2010 (Isle of Man) Order 2011 (S.I. 2011/749), arts. 1, 2, Schs.

C3

Pt. 1 extended (Guernsey) (with modifications) (8.4.2011, with effect in accordance with art. 4 of the commencing S.I.) by The Terrorist Asset-Freezing etc. Act 2010 (Guernsey) Order 2011 (S.I. 2011/1082), arts. 1(2), 3, 4, Schs.

CHAPTER 1Designated persons

Introductory

F21Meaning of “designated person”

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Final designations

F22Treasury's power to make final designation

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F23Notification of final designation

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F24Duration of final designation

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F25Variation or revocation of final designation

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Interim designations

F26Treasury's power to make interim designation

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F27Notification of interim designation

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F28Duration of interim designation

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F29Variation or revocation of interim designation

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Confidential information

F210Confidential information

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CHAPTER 2Prohibitions in relation to designated persons

Prohibitions

F211Freezing of funds and economic resources

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F212Making funds or financial services available to designated person

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F213Making funds or financial services available for benefit of designated person

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F214Making economic resources available to designated person

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F215Making economic resources available for benefit of designated person

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Exceptions and licences

F216Exceptions

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F217Licences

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Circumventing prohibitions etc.

F218Circumventing prohibitions etc.

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CHAPTER 3Information

Information for Treasury

F219Reporting obligations of relevant institutions

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F220Powers to request information

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F221Production of documents

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F222Failure to comply with request for information

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Disclosure of information by Treasury

F223General power to disclose information

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Other

F224Co-operation with UK or international investigations

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F225Application of provisions

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CHAPTER 4Supplementary provisions

Supervision of exercise of powers

F226Appeal to the court in relation to designations

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F227Review of other decisions by the court

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F228Appeals and reviews: supplementary

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F229Initial exercise of powers to make rules of court

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F230Treasury report on operation of Part 1

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F231Independent review of operation of Part 1

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Offences

F232Penalties

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F233Extra-territorial application of offences

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F234Liability of officers of body corporate etc.

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F235Jurisdiction to try offences

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F236Time limit for proceedings for summary offences

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F237Consent to prosecution

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F238Procedure for offences by unincorporated bodies

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Interpretation

F239Meaning of “funds” and “economic resources”

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F240Meaning of “financial services”

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F241Meaning of “relevant institution”

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F242Interpretation: general

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Miscellaneous

F243Service of notices

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F244Crown application

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45Consequential amendments, repeals and revocations

F21

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

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F246Transitional provisions and savings

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F247Power to repeal Part

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Part 2Terrorist financing, money laundering etc.

Directions in particular cases

48Directions 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.

49Directions 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).

General directions and other requirements

50Circumventing 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—

30AOffences: relevant person circumventing requirements

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.

Minor amendments and repeals

I151Northern Ireland credit unions

1

In paragraph 18(1) of Schedule 7 to the Counter-Terrorism Act 2008 (Department of Enterprise, Trade and Investment in Northern Ireland to be the enforcement authority for credit unions in Northern Ireland)—

a

at the end of paragraph (b) insert “ or ”, and

b

omit paragraph (d) and the word “or” before it.

2

In paragraph 39(2) of that Schedule (Department of Enterprise, Trade and Investment in Northern Ireland to be the supervisory authority for credit unions in Northern Ireland), omit paragraph (d).

I252Consequential amendments and repeals

1

Part 2 of Schedule 1 (which contains amendments consequential on this Part) has effect.

2

Part 2 of Schedule 2 (which contains repeals consequential on this Part) has effect.

Part 3Final provisions

Extent etc.

53Extent

1

Subject as follows, this Act extends to England and Wales, Scotland and Northern Ireland.

2

Sections 54 and 56 (and this section and section 55 so far as relating to sections 54 and 56) also extend to the Channel Islands, the Isle of Man and the British overseas territories.

3

The amendments made by section 28(1) (amendment of Senior Courts Act 1981) and paragraph 5 of Schedule 1 (amendment of civil procedure rules: England and Wales) extend to England and Wales only.

4

The amendments made by paragraphs 1 to 4 of Schedule 1 (amendments of rules of the Court of Judicature (Northern Ireland)) extend to Northern Ireland only.

54Channel Islands, Isle of Man and British overseas territories

1

Her Majesty may by Order in Council provide for any of the provisions of Part 1 (including Part 1 of Schedules 1 and 2) to extend, with or without modifications, to any of the Channel Islands, the Isle of Man or any British overseas territory.

2

Sections 1 and 3 of the Terrorist Asset-Freezing (Temporary Provisions) Act 2010, so far as they have effect as part of the law of Guernsey, Jersey, the Isle of Man and the territories listed in Schedule 1 to the Terrorism (United Nations Measures) (Overseas Territories) Order 2001 (S.I. 2001/3366), have effect as if the reference in section 1(1) of that Act to 31 December 2010 were a reference to 31 March 2011.

Commencement and short title

55Commencement

1

Subject to subsection (2), Parts 1 and 2 (including Schedules 1 and 2) come into force on the day following that on which this Act is passed.

2

Section 51 (and section 52, and Part 2 of Schedules 1 and 2, so far as relating to section 51) come into force on such day as the Treasury may by order made by statutory instrument appoint.

3

An order under subsection (2) may include such transitional, transitory or saving provision as the Treasury consider appropriate.

4

This Part comes into force on the day on which this Act is passed.

56Short title

This Act may be cited as the Terrorist Asset-Freezing etc. Act 2010.