Prevention of Money Laundering Act (Cap. 373), article 27C

27C. (1)The Unit shall, in accordance with the applicable provisions of this Act, and without prejudice to the provisions of article 34(3), co-operate with any designated authority and rep ly in a timely manner, on a case-by-ca se basis, to reasoned requests made by such designated authorities for financial information a nd, or financial analysis, where suc h information is necessary for the prevention, detection, investigation or prosecution of serious criminal offences: Cap. 365. Provided that, for the purposes o f this article, the term "seri ous criminal offence" shall mean the offences listed in Annex I to Regulation (EU) 2016/794, tax evasion, and any other offence un der the National Interest (Enabling Powers) Act : Provided further that the provisions of article 34(4) shall mutatis mutandis apply in relation to any financial information or financial analysis disclosed by the Unit in terms of this sub-a rticle. (2) The Unit may refuse to disclose any financial information or financial analysis pursuant to sub-article (1) o n the grounds as laid down under article 34(2)(b) to (f), and it shal l provide an explanation for such a refusal. (3) Any request received by the Unit pursuant to sub-article (1) shall be recorded by the Un it, which record shall include: (a) the name and contact details of the authority and of the officer or employee requesting the information; (b) the recipients of the results of the query or search, in so far as possible; (c) the case reference number that the requesting authority assigns to the case in relation to which the request for information is made; (d) the subject matter of the request; and (e) the manner in which the request was executed, including the method used for the dissemination of information or analysis requested, whenever such request has been acceded to. (4) Records referred to in sub-article (3) shall be kept for a PREVENTION OF MONEY LAUNDERING [CAP. 373. 33 period of five (5) years from the date on which the request was received and shall be used solely for the purpose of checking t he lawfulness of the proces sing of personal data. (5) The Unit shall, upon a request from the Information and Data Protection Commissioner, make available any record as refe rred to in sub-article (3). (6) In addition and without prejudice to the powers of the Unit under articles 30 and 30A, the Unit may request, and designated authorities shall disclose on a case-by-case basis, any law enforcement information necessary for the prevention, detection and combating of money laundering, underlying criminal activity and terrorist financing. Co-operation with Europol. Added by: XLIII.2021.9.