Commentary on Sections and Schedules Part 1 – Terrorist Asset-Freezing Information for Treasury Section 20 – Powers to request information
50.Section 20 gives the Treasury the power to request information from designated persons and others.
51.Subsection (1) gives the Treasury the power to request information from a designated person concerning funds and economic resources owned, held or controlled by or on behalf of that person and any disposal of such funds or economic resources.
52.Subsection (2) gives the Treasury the power to request from a designated person such information as they may reasonably require about expenditure by or on behalf of the designated person and for such person’s benefit.
53.Subsection (3) makes it clear that the powers in subsections (1) and (2) are only exercisable where the Treasury believe it is necessary for the purposes of monitoring compliance with or detecting evasion of Part 1 of the Act.
54.Subsection (4) allows the Treasury to request information from a person acting under a licence concerning funds, economic resources and financial services dealt with or made available under the licence.
55.Subsection (5) gives the Treasury the power to request any person in, or resident in, the UK to provide information for the purpose of establishing the nature and amount or quantity of any funds, economic resources or financial services owned, held or controlled by or on behalf of, or made available to or for the benefit of, a designated person, establishing the nature of any financial transactions entered into by the designated person, monitoring compliance with or detecting evasion of Part 1 of the Act, or obtaining evidence of the commission of an offence under that Part.
56.Subsection (6) allows the Treasury to specify the manner in which, and the period within which, information is to be provided, although subsection (7) provides that if no period is specified, it must be provided within a reasonable time. Subsection (8) specifies that the Treasury is entitled to impose a continuing obligation to be informed as circumstances change or on such regular basis as they specify. Subsection (9) makes it clear that a request for information can cover any period of time when a person was designated, and subsection (10) provides that for requests made under subsections (1)(b), (2) or (5)(a)(iii) requests for information can relate to a period before a person was designated.