Captured statutory text (L5)
39 Amendment of the Proceeds of Crime Act 2002
(1)Schedule 9 (regulated sector and supervisory authorities) to the Proceeds of Crime Act 2002 is amended as follows.
(2)In paragraph 1—
(a)in sub-paragraph (1)(c), after “long-term insurance” insert “other than a reinsurance contract”;
(b)in sub-paragraph (1)(q), for “10,000 euros” substitute “£10,000”;
(c)in sub-paragraph (1)(u), for “10,000 euros”, in both places, substitute “£10,000”;
(d)in sub-paragraph (4), after paragraph (a), insert—
(ab)selling an off-the-shelf firm
;
(e)after sub-paragraph (4), insert—
(4A)For the purposes of sub-paragraph (4)(ab), an “off-the-shelf firm” means a firm that either—
(a)does not carry on business; or
(b)carries on business but such business is not the main activity carried on by the firm or sole practitioner.
;
(f)in sub-paragraph (6B), for “10,000 euros” substitute “£10,000”.
(3)In paragraph 2—
(a)in sub-paragraph (1)(c), for “or 40 to 49” substitute “, 40 to 49 or 58”;
(b)in sub-paragraph (3)(b), for “1,000 euros” substitute “£1,000”.
Full captured verbatim text
(1) Schedule 9 (regulated sector and supervisory authorities) to the Proceeds of Crime Act 2002 is amended as follows. (2) In paragraph 1— (a) in sub-paragraph (1)(c), after “long-term insurance” insert “other than a reinsurance contract”; (b) in sub-paragraph (1)(q), for “10,000 euros” substitute “£10,000”; (c) in sub-paragraph (1)(u), for “10,000 euros”, in both places, substitute “£10,000”; (d) in sub-paragraph (4), after paragraph (a), insert— (ab) selling an off-the-shelf firm ; (e) after sub-paragraph (4), insert— (4A) For the purposes of sub-paragraph (4)(ab), an “off-the-shelf firm” means a firm that either— (a) does not carry on business; or (b) carries on business but such business is not the main activity carried on by the firm or sole practitioner. ; (f) in sub-paragraph (6B), for “10,000 euros” substitute “£10,000”. (3) In paragraph 2— (a) in sub-paragraph (1)(c), for “or 40 to 49” substitute “, 40 to 49 or 58”; (b) in sub-paragraph (3)(b), for “1,000 euros” substitute “£1,000”.