Legal background Information sharing
Civil liability for certain institutions sharing information is already disapplied under section 339ZF of POCA, where an institution shares customer information for the purposes of making a disclosure in compliance or intended compliance with section 339ZB, in connection with money laundering. This Act will make provisions along similar lines for businesses who are sharing information for the purposes outlined in the legislation.
	The Government intends to make it easier for certain businesses to share information with each other. To enable this, civil liability for breaches of confidentiality will be disapplied when a business shares customer information with another for the purposes of preventing, detecting and investigating economic crime.
	The legislation will disapply any obligation of confidence owed by the institution sharing the information, where the information is shared for the purpose of preventing, detecting, or investigating economic crime. Unlike section 339ZF of POCA 2002, the legislation will apply to businesses who share information amongst themselves without having to involve law enforcement.