The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations, SI 2023/1206, bring various sections of the Economic Crime and Corporate Transparency Act 2023 into force, including the following provisions from 15 January 2024 relating to money-laundering offences:
s 183: which introduces new exemptions allowing a regulated business to act on behalf of a customer where the business knows or suspects that some of the money or property held for the customer has criminal origin (i.e. mixed-property transactions);
s 187: which changes the way high-risk countries are designated as such for the purposes of enhanced due diligence measures, in essence by allowing regulations to refer directly to the Financial Action Task Force list (originally the bill had proposed allowing the Treasury to update the list of high-risk countries without requiring regulations); and
ss 188 to 193: which provide certain duty of confidentiality exemptions where disclosures are made to prevent economic crime (Sch 11 which sets out the offences which are included in the definition of ‘economic crime’ is also brought into force).
The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations, SI 2023/1206, bring various sections of the Economic Crime and Corporate Transparency Act 2023 into force, including the following provisions from 15 January 2024 relating to money-laundering offences:
s 183: which introduces new exemptions allowing a regulated business to act on behalf of a customer where the business knows or suspects that some of the money or property held for the customer has criminal origin (i.e. mixed-property transactions);
s 187: which changes the way high-risk countries are designated as such for the purposes of enhanced due diligence measures, in essence by allowing regulations to refer directly to the Financial Action Task Force list (originally the bill had proposed allowing the Treasury to update the list of high-risk countries without requiring regulations); and
ss 188 to 193: which provide certain duty of confidentiality exemptions where disclosures are made to prevent economic crime (Sch 11 which sets out the offences which are included in the definition of ‘economic crime’ is also brought into force).
