General

Failure to disclose knowledge or suspicion41

1

If a relevant institution knows or suspects that a relevant person—

a

is a designated person, or

b

has committed an offence under articles 25, 26, 27, 28, 29, 32 or 34,

it must disclose to the Governor the information or other matter specified in paragraph (2) as soon as reasonably practicable after that information or other matter comes to its attention.

2

When making a disclosure to the Governor under paragraph (1), a relevant institution must state—

a

the information or other matter on which the knowledge or suspicion is based,

b

any information it holds about the relevant person by which the person can be identified, and

c

if the relevant person is a listed person, the nature and amount or quantity of any funds or economic resources held by the relevant institution for that person since the person first became a listed person.

3

A relevant institution must inform the Governor without delay if it credits a frozen account in accordance with article 31(1)(b) or (2).

4

A relevant institution commits an offence if it fails to comply with a requirement in paragraph (1), (2) or (3).

5

In this paragraph “relevant person” means—

a

a customer of a relevant institution,

b

a person who has been a customer of a relevant institution at any time on or after the date on which this Order comes into force and has ceased to be a customer, or

c

a person with whom a relevant institution has had dealings in the course of business on or after that date.

6

Where a relevant institution discloses to the Governor—

a

its knowledge or suspicion that a person is a listed person or a person who has committed an offence under article 25, 26, 27, 28, 29, 32 or 34, or

b

any information or other matter on which that knowledge or suspicion is based, or

c

any other information pursuant to paragraph (2),

the disclosure is not to be treated as a breach of any restriction imposed by statute or otherwise.