Counter Terrorism Act 2008 Schedule 7

Schedule 7 of the Counter Terrorism Act of 2008 addresses financial concerns.

The Counter Terrorism Act of 2008 in the United Kingdom provides powers to enforcement officers for obtaining information from terrorist suspects, sharing information that is gained and to take action against terrorist activities. Schedule 7 addresses terrorist financing and money laundering.

Conditions

Schedule 7 allows the treasury to give direction to one or more individuals operating in the financial sector if there is suspicion or risk of money laundering, terrorist financing or activities that pose a risk to national security.

Financial Sector

The financial sector refers to individuals working in a financial or credit institution such as a bank or investment organization.

Direction

A direction given to an individual (or individuals) may require them to provide customer due diligence (identify and obtain information about customers), monitoring of transactions, systematic reporting to the treasury and limiting or terminating business relationships with specific individuals.

Enforcement

Under Schedule 7, enforcement officers may require documents or information and may enter and inspect premises with or without a warrant under certain conditions.

Authority

Officers or agents of the Financial Services Authority, the Commissioners for Her Majesty’s Revenue and Customs, the Office of Fair Trading, and in Northern Ireland the Department of Enterprise, Trade and Investment have authority to enforce directives.

References

• Office of Public Sector Information: Counter Terrorism Act 2008 Preamble
• Office of Public Sector Information: Terrorist Financing and Money Laundering