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Amendment of section 51 of Act of 2010
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24. Section 51 of the Act of 2010 is amended—
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(a) by the substitution of the following subsection for subsection (2):
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“(2) It is a defence in any proceedings against a person for an offence under section 49, in relation to a disclosure, for the person to prove that, at the time of the disclosure—
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(a) the person was a credit institution or financial institution or a majority-owned subsidiary, or a branch, of a credit institution or financial institution, or made the disclosure on behalf of a credit institution or a financial institution or a majority-owned subsidiary, or a branch, of a credit institution or financial institution,
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(b) the disclosure was to a credit institution or a financial institution or a majority-owned subsidiary, or a branch, of a credit institution or financial institution,
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(c) the institution to which the disclosure was made was situated in a Member State or a country other than a high-risk third country,
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(d) both the institution making the disclosure, or on whose behalf the disclosure was made, and the institution to which it was made belonged to the same group, and
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(e) both the institutions referred to in paragraph (d) were in compliance with group-wide policies and procedures adopted in accordance with section 54 or, as the case may be, Article 45 of the Fourth Money Laundering Directive.”,
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and
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(b) in subsection (3)(b), by the substitution of “or in a country other than a high-risk third country” for “or in a place designated under section 31”.
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