ECSH83625 | Sanctions for non-compliance: suspension and cancellation: public interest considerations – regulation 60(10)

When a decision has been made to either suspend or cancel a registration, consideration must be given to whether or not it is in the public interest (where the needs of the public outweigh the needs of the business/individual) for the suspension or cancellation to be given with immediate effect.

When considering the public interest, factors to consider are:

• Where there is a significant risk of money laundering or terrorist/proliferation financing that needs to be addressed immediately.

• There is/has been serious non-compliance that must be stopped immediately.

If it is in the public interest for the suspension or cancellation to be given with immediate effect, the notice issued should include a statement to that effect and set out the reasons.

If it is not in the public interest for the suspension or cancellation to be given with immediate effect, the notice issued should detail the date that the sanction will take effect from.

There is no provision within The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 specifying the period of time in which it will take effect. The decision maker needs to give consideration to the period of time the business would require to wind down, taking into account all of the circumstances of the case, in order to determine the date on which it will take effect.