Article 8

SCHEDULE

1.—(1) The Treasury may, in writing, request a person to provide information or produce documentation to them which they may reasonably need for the purpose of ascertaining whether an offence has been committed under this Order.

(2) The request may be made by the Treasury or by a person authorised by the Treasury.

(3) Any person to whom a request is made under sub-paragraph (1) must comply with it within 14 days and in such manner as may be specified in the request.

2.  A relevant institution must disclose information as soon as practicable if the conditions in paragraph 3 are satisfied.

3.  The conditions are that—

(a) the relevant institution knows or suspects, or has grounds for knowing or suspecting, that a specified person—

(i) is a customer or has been a customer of the institution at any time since this Order came into force, or

(ii) is a person with whom it has dealings in the course of its business or has had such dealings at any time since this Order came into force.

(b) the information—

(i) on which the knowledge or suspicion of the person required to disclose is based, or

(ii) which gives grounds for the knowledge or suspicion,

came to the person in the course of a business in the regulated sector.

(2) For the purposes of this paragraph, Schedule 3A to the Terrorism Act 2000(8) is to have effect for the purpose of determining what is a business in the regulated sector.

4.  Disclosure of information in accordance with this Schedule is not to be taken to breach any restriction on the disclosure of information (however imposed).

5.—(1) This Schedule does not require any person to provide information or produce documentation which is privileged.

(2) Information and documentation is privileged if the person asked to provide or produce it would be entitled to refuse to do so on grounds of legal professional privilege in proceedings in the High Court or (in Scotland) on grounds of confidentiality of communications in proceedings in the Court of Session.

(3) But information or documentation held with the intention of furthering a criminal purpose is not privileged.

6.—(1) A person who—

(a) fails without reasonable excuse to provide information, or to produce a document, in response to a requirement in or under this Schedule;

(b) provides information, or produces a document, which he or she knows is false in a material particular in relation to a requirement in or under this Schedule;

(c) recklessly provides information, or produces a document, which is false in a material particular in response to a requirement in or under this Schedule;

(d) fails without reasonable excuse to disclose information as required under paragraph (3),

is guilty of an offence.

7.  The Treasury may only disclose information given or documentation produced under this Order (including any copy or extract made of any such document)—

(a) to a police officer;

(b) to any person holding or acting in any office under or in the service of—

(i) the Crown in respect of the Government of the United Kingdom;

(ii) the Government of the Isle of Man;

(iii) the States of Guernsey or Alderney or the Chief Pleas of Sark;

(iv) the State of Jersey;

(v) any British overseas territory;

(c) for the purpose of giving assistance or cooperation to the Government of any country;

(d) to the Financial Services Authority;

(e) with a view to instituting, or otherwise for the purposes of, any proceedings—

(i) in the United Kingdom, for an offence under this Order; or

(ii) in any of the Channel Islands, the Isle of Man or any British overseas territory, for an offence under a similar provision in any such jurisdiction; or

(f) with the consent of a person who, in his or her own right (and not merely in the capacity of servant or agent), is entitled to the information or to the possession of the document, to any third party.

8.  Where a person is convicted of an offence under paragraph 6 of this Schedule the court may make an order requiring that person, within such period as may be specified in the order, to give the requested information or to produce the requested document.

EXPLANATORY NOTE

(This note is not part of the Order)

This Order is made under the Anti-terrorism, Crime and Security Act 2001 (c.24) to give effect to a freeze on funds in relation to the Icelandic bank Landsbanki, including those owned, held or controlled in relation to that bank by the relevant Icelandic Authorities or the Government of Iceland.

Article 3 provides that a specified person may request the reason why it is specified.

Article 4 prohibits any person from making funds available to or for the benefit of a specified person. It also makes provision that a specified person must not deal with funds it controls, holds or owns.

Article 5 makes it an offence to breach the prohibition on making funds available or to engage in activity knowing or intending that it will enable or facilitate the commission of such an offence, subject to a defence based on no knowledge or reasonable suspicion of the relevant circumstances.

Article 6 provides for the Treasury to be able to grant licences to disapply the prohibitions and article 7 makes provision in relation to licensing procedure.

Article 8 gives effect to the Schedule which makes provision about information and disclosure of information.

Article 9 sets the penalties for offences under the Order, article 10 makes provision relating to criminal proceedings and article 11 relates to offences by bodies corporate.

Article 12 makes provision about the service of notices.

Article 13 confirms that the Order binds the Crown, but that the Crown is not to be held criminally liable in relation to the provisions of the Order.

An Impact Assessment of the effect of this instrument on the costs to business has been prepared. It may be obtained from the Financial Stability Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk ). Copies of the document have been placed in the libraries of both Houses of Parliament.