Amendments to the Terrorism Act 2000 designed to counter terrorist finance

The Terrorism Act 2000 (as amended) (the Act) is designed to counter terrorist financing, to prevent the success of activities planned and undertaken with those finances, and to work towards the elimination of terror groups in the UK.

Its provisions apply to the entire population of the UK, not simply those in the Regulated sector. Any person commits an offence under this law by concealing, removing or transferring to another party what is held to be terrorist property, or by facilitating the control or retention of this property by any other means. Terrorist property is defined as money or property likely to be used in the commission of terrorist acts, the proceeds of these acts, and the proceeds of actions committed to support terrorist acts. This includes assets held by groups proscribed as terrorist organisations under the Act.

The amendments made to the Act by the Anti-terrorism, Crime & Security Act 2001 included the insertion of section 21(A), which refers specifically to the activities of professionals within the Regulated sector, including lawyers, financial advisors and persons authorised under the First Life Directive. Under Section 21(A), it becomes an offence for such professionals to fail to report knowledge or suspicion, based on reasonable grounds, of activity that could support terrorist groups to a nominated officer or constable.

These amendments were themselves amended by the Terrorism Act 2000 & Proceeds of Crime Act 2002 (Amendment) Regulations 2007, which came into force in December of that year. These allow professionals within the Regulated Sector to continue with suspicious transactions, if they have been reported in the appropriate manner, with the permission of relevant law enforcement agencies.

The offence of "tipping off" a person who has been reported under section 21(A) is also developed in these amendments.

Terrorism Act 2000 training and development

The amendments to the Terrorism Act 2000 indicate the continual focus that the Government places on this area of the law, and therefore the importance of keeping up to date with, and complying with, its provisions. To help your business meet the weighty obligations that this and other anti-money laundering legislation brings to the Regulated sector, ML Solutions 4U provides tailored training modules that bring best practice in complying with counter terrorist financing legislation into your organisation.

For more details regarding the ways in which ML Solutions can support and develop your anti-money laundering and terrorist finance measures, please complete the online contact form, or simply call us on 0845 402 0001.

Money Laundering Information » Counter Terrorist Finance and Terrorism Act 2000 Amendments