New Clause 28: Financial Services Bill
New Clause 28 - Forfeiture of money: electronic money institutions and payment institutions
“(1) Schedule (Forfeiture of money: electronic money institutions and payment institutions) amends provisions in the Anti-terrorism, Crime and Security Act 2001 and the Proceeds of Crime Act 2002 about the forfeiture of money so that they apply to money held in accounts maintained with electronic money institutions and payment institutions.
(2) Subject to subsection (3), the amendments made by that Schedule are to be treated as having come into force at the same time as the provisions they amend.
(3) Subsection (2) does not apply to the amendments of Part 5 of the Proceeds of Crime Act 2002 as they extend to Northern Ireland.
(4) Regulations made, before this section comes into force, under—
(a) paragraph 10X of Schedule 1 to the Anti-Terrorism, Crime and Security Act 2001, or
(b) section 303Z10 of the Proceeds of Crime Act 2002,
apply (and are to be treated as having always applied) for the purposes of notices relating to money held in accounts maintained with electronic money institutions and payment institutions, as well as for the purposes of notices relating to money held in accounts maintained with banks and building societies.”—(John Glen.)