Schedule 6: Financial Information
124.This Schedule adds to the powers available to investigate terrorist finance a further investigative tool which has already proved its effectiveness in the investigation of the proceeds of crime in Northern Ireland. The purpose of an order under the Schedule is to enable a constable to identify accounts in relation to terrorist investigations. It is therefore intended for use at an earlier stage in an investigation than production and explanation orders under Schedule 5 to the Act.
125.This method of investigation is sometimes known as a “general bank circular” investigation.
126.The provisions are modelled on certain powers of “financial investigators” in Northern Ireland under Schedule 2 of the Proceeds of Crime (Northern Ireland) Order 1996 (SI 1996/1299). There are no “financial investigators” outside Northern Ireland. The power in the Schedule is therefore to be exercisable by a constable. The other main difference with the Northern Ireland model is that while the power in the 1996 Order is to investigate proceeds of crime, that in the new Schedule is to investigate terrorist finance. This is both a broader category (because it can include money or other property intended for use in terrorism as well as any proceeds of terrorist acts) and a narrower one (because it is focussed on terrorist as opposed to any other crime).
Paragraphs 1–5
127.These paragraphs allow a constable of at least the rank of superintendent to apply to a Circuit judge or equivalent for an order enabling the constable to require a financial insitution to provide customer information within a specified time and in a specified manner. It is an offence for an institution to fail to comply with the requirement.
Paragraph 6
128.The definition in this paragraph of “financial institution” is based on the definition of “relevant financial business” in Regulation 4 of the Money Laundering Regulations 1993 (SI 1993/1933).
Paragraph 7
129.This paragraph defines the customer information which the constable may require. The definition of a “business relationship” is based on that in Regulation 3 of the Money Laundering Regulations 1993.
Paragraph 8
130.This paragraph allows for the non-compliance offence in paragraph 1 to be committed by an officer of an institution as well as by the institution itself.
