Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
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Consequential amendment of Investor Compensation Act 1998. |
120.— (1) In this section, “Act of 1998” means the Investor Compensation Act 1998 . | |
(2) Section 30(1) of the Act of 1998 is amended in the definition of “net loss” by substituting the following for subparagraph (iii): | ||
“(iii) money or investment instruments arising out of transactions in respect of which an offence has been committed under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“Act of 2010”), | ||
(iv) money or investment instruments arising out of transactions in respect of which an offence has been committed under a provision of Part IV of the Criminal Justice Act 1994 prior to the repeal of that provision by the Act of 2010, | ||
(v) money or investment instruments arising out of transactions in respect of which an offence has been committed under a provision of section 57 or 58 of the Criminal Justice Act 1994 prior to the repeal of that provision by the Act of 2010, or | ||
(vi) money or investment instruments arising out of transactions in respect of which there has been a criminal conviction, at any time, for money laundering, within the meaning of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing 12 .”. | ||
(3) Section 35 of the Act of 1998 is amended by substituting the following for subsection (3): | ||
“(3) Notwithstanding the time limits provided for in subsections (1) and (2), the competent authority may direct the Company or a compensation scheme approved under section 25, as appropriate, to suspend any payment to an eligible investor, where the investor has been charged with any of the following offences, pending the judgment of a court in respect of the charge: | ||
(a) an offence under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“Act of 2010”); | ||
(b) an offence committed, prior to the repeal by the Act of 2010 of any of the following provisions of the Criminal Justice Act 1994 , under that provision: | ||
(i) a provision of Part IV; | ||
(ii) section 57; | ||
(iii) section 58; | ||
(c) an offence otherwise arising out of, or relating to, money laundering, within the meaning of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing 13 .”. | ||