Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

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Consequential amendment of Taxes Consolidation Act 1997.

121.— (1) In this section, “Act of 1997” means the Taxes Consolidation Act 1997 .

(2) Section 898F (substituted by section 90 of, and Schedule 4 to, the Finance Act 2004 ) of the Act of 1997 is amended as follows:

(a) in subsection (3) by substituting “which is acceptable for the purposes of Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” for “it acquires by virtue of section 32 of the Criminal Justice Act 1994 ”;

(b) in subsection (4) by substituting “which is acceptable for the purposes of Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” for “it acquires by virtue of section 32 of the Criminal Justice Act 1994 ”;

(c) in subsection (5)(a) (substituted by section 124 (1)(a) of the Finance Act 2006 ) by inserting “(or has done so, before the relevant commencement date, in accordance with this section as in force before that date)” after “in accordance with this section”;

(d) by inserting the following paragraph after subsection (6)(a):

“(aa) A paying agent who—

(i) before the relevant commencement date, established the identity and residence of an individual under this section as in force before that date, and

(ii) was required, immediately before the relevant commencement date and as a result of paragraph (a), to continue to treat that individual as so identified and so resident,

shall continue to treat that individual as so identified and so resident until such time as the paying agent is in possession, or aware, of information which can reasonably be taken to indicate that the individual has been incorrectly identified or is not so resident or has changed his or her residence.”;

(e) in subsection (6)(b) by inserting “or (aa)” after “paragraph (a)”;

(f) in subsection (7) by inserting “(or as established, before the relevant commencement date, in accordance with this section as in force before that date)” after “this section”;

(g) by inserting the following subsection after subsection (7):

“(8) In this section, ‘relevant commencement date’ means the date on which section 121 (2) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 comes into operation.”.

(3) Section 898G (substituted by section 90 of, and Schedule 4 to, the Finance Act 2004 ) of the Act of 1997 is amended as follows:

(a) in subsection (2) by substituting “ Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” for “ section 32 of the Criminal Justice Act 1994 ”;

(b) in subsection (4)(b) by substituting “ Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” for “ section 32 of the Criminal Justice Act 1994 ”;

(c) in subsection (5)(b)(iii) by substituting “ Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” for “ section 32 of the Criminal Justice Act 1994 ”;

(d) in subsection (6)(a) (substituted by section 124(1)(b) of the Finance Act 2006 ) by inserting “(or has done so, before the relevant commencement date, in accordance with this section as in force before that date)” after “in accordance with this section”;

(e) by inserting the following paragraph after subsection (8)(a):

“(aa) A paying agent who—

(i) before the relevant commencement date, established the identity and residence of an individual under this section as in force before that date, and

(ii) was required, immediately before the relevant commencement date and as a result of paragraph (a), to continue to treat that individual as so identified and so resident,

shall continue to treat that individual as so identified and so resident until such time as the paying agent is in possession, or aware, of information which can reasonably be taken to indicate that the individual has been incorrectly identified or is not so resident or has changed his or her residence.”;

(f) in subsection (8)(b) by inserting “or (aa)” after “paragraph (a)”;

(g) in subsection (9) by inserting “(or as established, before the relevant commencement date, in accordance with this section as in force before that date)” after “this section”;

(h) by inserting the following subsection after subsection (9):

“(10) In this section, ‘relevant commencement date’ means the date on which section 121 (3) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 comes into operation.”.