The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017

UK Statutory Instrument 2017 No. 1301 — creates 1 criminal offence.

1offences created

0recorded in force

0revoked

Made: 14 December 2017
In force from: 18 January 2018
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972, Financial Services and Markets Act 2000

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations give the Financial Conduct Authority (“FCA”) powers to supervise professional body anti-money laundering supervisors (“self-regulatory organisations”), in relation to compliance with anti-money laundering and counter terrorist financing requirements. The requirements derive from the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLR”) and the Fourth Money Laundering Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (OJ L 141, 05.06.2015, p.73) (“4MLD”). Article 48 of 4MLD requires Member States to ensure that competent authorities monitor effectively and take necessary measures to ensure compliance with 4MLD. Part 1 (introduction) sets out the definitions and meanings that apply throughout these Regulations, and the duty on the FCA to have regard to the importance of ensuring that self-regulatory organisations comply with any supervision requirement placed on them by the MLR (regulation 3). Part 2 (applications) sets out the process for applying to be considered for inclusion as a self-regulatory organisation (regulations 4 and 5). Part 3 (information and directions) gives the FCA information gathering powers (regulation 7) and makes provision for the way in which the power in regulation 7 may be exercised (regulations 8 to 10). Regulation 11 prohibits the disclosure of confidential information by the FCA subject to regulation 12. Regulation 12 provides that the FCA may disclose information they hold in certain circumstances. Regulation 13 gives the FCA the power to commission or to require a self-regulatory organisation to commission and provide the FCA with a skilled person’s report. Regulation 14 gives the FCA the power to issue directions to a self-regulatory organisation. Part 4 (enforcement and appeals) gives the FCA powers to impose measures on self-regulatory organisations who have contravened certain requirements (regulations 16 to 21), and regulation 22 provides for appeals against a decision by the FCA to publish a statement of censure. Regulations 23 to 25 make provision about criminal offences, investigations and proceedings. Part 5 (miscellaneous provisions), among other things, ensures that charges imposed by the FCA may be recovered as a debt in civil proceedings (regulation 26) and ensures that the FCA can recover the costs of its supervision (regulation 27). Regulation 28 extends to Scotland only and makes a consequential amendment to the Solicitors (Scotland) Act 1980 in connection with fees. A full regulatory impact statement of the effect that the Regulations will have on the costs of business and the voluntary sector is published with the Explanatory Memorandum to the Regulations on legislation.gov.uk.

Offences created by this instrument

A person commits an offence if that person discloses information in contravention of regulation 11 or 12, or publishes… regulation 23(3) · Status not determined · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018 Commons · General Committees · 8 January 2019 · The Economic Secretary to the Treasury (John Glen)
I beg to move, That the Committee has considered the draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018. May I say what a pleasure it is to serve under your chairmanship this morning, Ms McDonagh? As the Committee will be aware, the Treasury has been undertaking a programme of legislation to ensure that if the UK leaves the EU without a deal or an implementation period, there will continue to be a functioning legislative and regulatory regime for financial services in the United Kingdom. To deliver that, the Treasury is laying statutory…
Financial Services Bill (Twelfth sitting) Commons · Public Bill Committees · 3 December 2020 · Abena Oppong-Asare
I beg to move, That the clause be read a Second time. New clause 10 would be good for consumers. At the same time, it would improve the ability of our crime prevention agencies to do the job that we all want them to do—namely, to crack down on criminal activity and, in this case, money laundering. Our aim in tabling the new clause was to take the opportunity offered by the Bill to address technical deficiencies in the anti-money laundering regime. Again, I hope that we will receive cross-party support for our proposal, as I believe we are all united in a desire to clamp down on money…
Financial Services Bill (Twelfth sitting) Commons · Public Bill Committees · 3 December 2020 · Abena Oppong-Asare
I beg to ask leave to withdraw the clause. Clause, by leave, withdrawn. New Clause 10 FCA recommendation to remove a self-regulatory organisation: Ministerial statement “(1) When the FCA makes a recommendation that a self-regulatory organisation be removed from Schedule 1 to the MLR pursuant to Paragraph 17 of the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017, the Treasury must make a statement to Parliament. (2) The statement must be made within four weeks of the recommendation being made. (3) The statement to Parliament…
AML/CFT Regulatory and Supervisory Regime: Review Commons · Written Statements · 27 June 2022 · The Economic Secretary to the Treasury (John Glen)
On Friday 24 June, I published a review of the UK’s anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory and supervisory regime. This included statutory post-implementation reviews for the Money Laundering, Terrorist Financing, and Transfer of Funds (Information of the Payer) Regulations 2017 (SI 2017/692) and the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 (SI 2017/1301) and the review of the UK’s AML/CFT regulatory and supervisory regime; a forward looking report which includes the…

How Parliament handled it

This instrument became law without a debate or a vote. Under the negative procedure it took effect unless a motion to stop it succeeded, and none was tabled.

Procedure: Made negative — law unless a motion to stop it succeeded
Could either House amend it?: No. A statutory instrument is put to each House as a whole thing, to be approved or not. Neither House can change a word of it.

Procedural history

Instrument created 14 December 2017
Instrument made (signed into law) 14 December 2017
Laid before the House of Commons 18 December 2017 · Commons
Laid before the House of Lords 18 December 2017 · Lords
Considered by the Secondary Legislation Scrutiny Committee (SLSC) 9 January 2018 · Lords
Information paragraph provided by the Secondary Legislation Scrutiny Committee (SLSC) 9 January 2018 · Lords
Considered by the Joint Committee on Statutory Instruments (JCSI) 31 January 2018 · Commons, Lords
Not drawn to the special attention of the Houses by the Joint Committee on Statutory Instruments (JCSI) 31 January 2018 · Commons, Lords
Objection period ends 23 February 2018
Instrument remains law 23 February 2018
Procedure concluded in the House of Commons and the House of Lords 23 February 2018 · Commons, Lords
Instrument comes into force as law Date not recorded

From Parliament's Statutory Instruments service. Parliamentary material is reused under the Open Parliament Licence v3.0.

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