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Finance: Reporting Obligations
In a major move to strengthen financial transparency, the Treasury has been empowered to receive information from relevant firms and institutions regarding designated persons and frozen accounts.
New Regulations
According to new regulations, relevant firms must inform the Treasury as soon as practicable if they know or suspect that a person is a designated person or has committed an offence under Part 3 (finance) or regulation 21 (finance: licensing offences). This includes providing information on the basis of which this knowledge or suspicion arose.
The regulations also require relevant institutions to inform the Treasury without delay if they credit a frozen account or transfer funds from one. Failure to comply with these reporting obligations can result in criminal prosecution.
Specific Details
In addition, relevant firms must provide specific details when informing the Treasury, including:
- The nature and amount or quantity of any funds or economic resources held by them for the designated person at the time when they first had knowledge or suspicion.
- The basis on which this knowledge or suspicion arose.
Definitions
The regulations define a “designated person” as someone who has committed an offence under Part 3 (finance) or regulation 21 (finance: licensing offences), and a “frozen account” as one that is subject to restrictions under regulation 18.
Relevant firms are defined as those with permission under Part 4A of the Financial Services and Markets Act 2000, or those that operate in certain financial sectors such as:
- Currency exchange
- Money transmission
- Estate agency
Purpose
The regulations aim to enhance transparency and prevent the misuse of financial resources by designated persons. The Treasury will publicize any changes to reporting obligations through appropriate channels.
Key Points
- Relevant firms must inform the Treasury if they know or suspect that a person is a designated person or has committed an offence.
- Institutions must inform the Treasury without delay if they credit a frozen account or transfer funds from one.
- Failure to comply with reporting obligations can result in criminal prosecution.
- Relevant firms must provide specific details when informing the Treasury, including the nature and amount of funds held by them for the designated person.
Contact
For more information on these regulations, please contact [insert contact information].