ECSH121500 - Sharing information: outside HMRC
HMRC as a supervisory authority, can share information with relevant authorities, as defined in regulation 52 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017). This gateway permits HMRC to share information and/or intelligence with another authority.
‘Relevant Authorities’ are defined in regulation 52(5) MLR 2017 but does not include the Financial Conduct Authority (FCA) or Gambling Commission, as they are not within Schedule 1 MLR 2017.
Schedule 1 MLR 2017 contains the list of ‘Supervisory Authorities’ - the Professional Body Supervisors.
The FCA and Gambling Commission are covered by regulation 52A MLR 2017.
The regulation 52 MLR 2017 legal gateway makes information sharing with other relevant authorities very straightforward from a legal perspective. When sharing information, the presence of a gateway is not the only consideration that needs to be made.
Regulation 52(1)(b) and (c) MLR 2017 are two of the most powerful provisions for information sharing available to HMRC. These provisions make it possible for HMRC as a supervisory authority to disclose supervisory information to law enforcement agencies,overseas supervisors, and overseas law enforcement agencies for any purpose either of the corresponding agencies, or of a purpose which is ‘connected with the effective exercise of … the functions provided for in the fourth money laundering directive…’. This is an extremely broad provision which makes the power to share information significant.
Law enforcement agencies include the police and National Crime Agency (NCA).
For the sharing of information with overseas supervisors and law enforcement agencies appropriate controls and procedures need to be in place beforehand, due to General Data Protection Regulation (GDPR) and Data Protection Act 2018 (DPA).
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)
Regulation 52B MLR 2017 creates an offence for any person who discloses information in contravention of regulation 52A MLR 2017.