Terrorism and Other Crime (Financial Restrictions) Act 2014

The Terrorism and Other Crime (Financial Restrictions) Act 2014 (Act) re-enacts with amendments the Terrorism (Finance) Act 2009, the Terrorism Asset-Freezing etc. Act 2010 (Isle of Man) Order 2011 and parts of the Anti-Terrorism and Crime Act 2003. It also further amends the Anti-Terrorism and Crime Act 2003 and the Proceeds of Crime Act 2008.

Sections 3 to 70, 72, 73 and 75 to 77 (and consequently Schedules 1 to 4) of the Act came into operation for all purposes on 1 January 2015.

The Act gives the Treasury the power to make the following types of financial restriction orders:

Interim and/or final directions in respect of the financing of the development or production of nuclear, radiological, biological or chemical weapons (proliferation), terrorism or money laundering;

Interim and/or final freezing orders for the general freezing of funds; and

Interim and/or final designations for the freezing of terrorist assets;

Each type of financial restriction order is dependent on certain conditions there set out being satisfied.

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