Common use of Cooperation and Information Exchange Clause in Contracts

Cooperation and Information Exchange. in relation to financial crime 1. The Authorities intend to co-operate closely when they identify suspected financial crime activities in supervised entities. For the purposes of this MoU, financial crimes include in particular: money laundering and all violations of the UK, EU and national laws and regulations on financial markets to the extent of the Authority’s responsibility. This also includes unauthorised activities. 2. Where necessary and in the absence of other relevant cooperation arrangements, and subject to any restrictions on confidentiality in their applicable legal frameworks, the Authorities may act as intermediaries to facilitate the contact between a Financial Intelligence Unit in one jurisdiction, and an Authority in another jurisdiction 3. Without prejudice to their domestic provisions on privacy and data protection, all information exchanged by the Authorities in the area of the prevention of money laundering and counter terrorist financing shall be treated confidentially and used exclusively for supervisory purposes, to the extent permitted by the applicable legal frameworks and within the competences of the Authorities. 4. In the event when an Authority, during an examination or inspection conducted on the territory of the counterparty’s jurisdiction, detects a serious criminal violation of the applicable legal framework of its jurisdiction, the Authority may be under a strict legal obligation to pass the information immediately to the appropriate law enforcement authorities in its home country. In these circumstances, to the extent permitted by law, the Authority should inform the other Authority of its intended action. The Authority, upon completion of an on-site inspection of a cross-border establishment in which the other Authority did not participate, in case of request received or if it considers it necessary, will intend as soon as possible to provide the other Authority with general information on the financial condition of the cross-border establishment, violations of legal acts identified and deficiencies found, including those related to the prevention of money laundering and financing terrorism.

Cooperation and Information Exchange. in relation to financial crime 1. The Authorities intend to co-operate closely when they identify suspected financial crime activities in supervised entities. For the purposes of this MoU, financial crimes include in particular: money laundering and all violations of the UK, EU and national laws and regulations on financial markets to the extent of the Authority’s responsibilitymarkets. This also includes unauthorised activities. 2. Where necessary and in the absence of other relevant cooperation arrangements, and subject to any restrictions on confidentiality in their applicable legal frameworks, the Authorities may act as intermediaries to facilitate the contact between a Financial Intelligence Unit in one jurisdiction, and an Authority in another jurisdiction 3. Without prejudice to their domestic provisions on privacy and data protection, all information exchanged by the Authorities in the area of the prevention of money laundering and counter terrorist financing shall be treated confidentially and used exclusively for supervisory purposes, to the extent permitted by the applicable legal frameworks and within the competences of the Authorities. 4. In the event when an Authority, during an examination or inspection conducted on the territory of the counterparty’s jurisdiction, detects a serious criminal violation of the applicable legal framework of its jurisdiction, the Authority may be under a strict legal obligation to pass the information immediately to the appropriate law enforcement authorities in its home country. In these circumstances, to the extent permitted by law, the Authority should inform the other Authority of its intended action. The Authority, upon completion of an on-site inspection of a cross-border establishment in which the other Authority did not participate, in case of request received or if it considers it necessary, will intend as soon as possible to provide the other Authority with general information on the financial condition of the cross-border establishment, violations of legal acts identified and deficiencies found, including those related to the prevention of money laundering and financing terrorism.