Part 1: Proceeds of crime Disclosure of information Section 11: Sharing of information between bodies in the regulated sector
Section 11 inserts, in Part 7 of the POCA, after section 339ZA, new sections 339ZB – 339ZG, which make provision for the voluntary sharing of information between bodies in the regulated sector (as defined by Schedule 9 of POCA), and between those bodies and the NCA, in connection with suspicions of money laundering.
	Section 339ZB allows a person in a regulated sector business to disclose information, on a voluntary basis, which came to them in the course of their business, with another person in a regulated sector business, where the person is satisfied that the sharing of the information will assist in determining any matter in connection with a suspicion that a person is engaged in money laundering. Section 339ZB also allows an authorised officer of the NCA to request a person in a regulated sector business to provide information to another person in such a business in connection with a suspicion that a person is engaged in money laundering. The section sets out the conditions for the information sharing to take place, including a requirement for notification to be provided to the NCA. This is dealt with in section 339ZC (3)-(5).
	Section 339ZC(1)-(2) sets out the nature of information which a disclosure request must contain. Section 339ZC(3)-(5) provide that notification must be provided to the NCA – in the case of a request by an NCA Officer, by the person disclosing the information and in the case of a business to business request, by the person requesting the information. The notification must include categories of information which are set out at sub-section (5).
	Section 339ZD provides that the making of a required notification in good faith will satisfy the requirement under section 330 or 331 of POCA. This is subject to the limits set out in section 339ZE (1)-(8).
	Section 339ZD also provides for the exemption to apply to a joint disclosure report to the NCA by two or more regulated sector businesses following the disclosure of information in response to a request provided that is disclosed within the "applicable period" and various other conditions are complied with. Where the request is made by the NCA, the "applicable period" will be specified by the NCA. Where the request is made by the regulated sector business, the "applicable period" is 84 days.
	Section 339ZE sets out limits on the exemption from the requirement in section 330 or 331. In particular it provides that the exemption applies only in relation to the suspicion in connection with which the required notification is made, or matters known, suspected, or believed as a result of making the disclosure request. Where there is suspicion outside this, the provisions in 339ZD do not apply.
	Section 339ZF provides that a disclosure made in compliance with (or intended to be in compliance with) section 339ZB that is made in good faith will not breach an obligation of confidence owed by the disclosing entity, or any other restriction on the disclosure of information.
	Section 339ZG provides interpretation of the terms used in this section.