The impact of Schedule 7 of the Counter‐Terrorism Act 2008 on banks and their customers

Miriam Goldby

Journal of Money Laundering Control, 2010, vol. 13, issue 4, 351-371

Abstract: Purpose - The purpose of this paper is to discuss the potential impact of measures taken in accordance with powers introduced by Schedule 7 of the Counter‐Terrorism Act 2008 on banks and their customers. Design/methodology/approach - The paper analyses the legal provisions setting out these powers and comments on their scope; discusses the guidance issued with respect to these provisions by the Joint Money Laundering Steering Group, as well as other commentary on these provisions; examines the remedies available to those affected by the measures taken in exercise of the Schedule 7 powers; and comments on the use made of these powers to date and the relevant outcomes. Findings - The paper concludes that while the Schedule 7 powers are useful in permitting a targeted response to money laundering and terrorism financing, they can be needlessly damaging to business unless used in a proportionate and risk‐sensitive manner. Originality/value - The paper analyses critically the first judicial review decision made in respect of the exercise of Schedule 7 powers.

Keywords: Money laundering; Terrorism; Financing; Banking (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201011083876

DOI: 10.1108/13685201011083876

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