NOTICE OF DECISION TO CANCEL

Address:
Suite 18598, Lower ground floor, 145-157 St. John Street, London,
EC1V 4PW

ACTION

1.
For the reasons set out below and under regulation 60(3)(a) of the MLR, the Authority
has decided to cancel ECL’s Registration.

REASONS FOR THE ACTION

2.
ECL has failed to pay a charge imposed by the Authority. The Authority may cancel ECL’s
Registration under regulation 60(3)(a) of the MLR, on the basis of the condition in
regulation 59(1)(c)(iii) (which concerns the payment of charges and to which regulation
60(3)(a) refers).

DEFINITIONS

3.
In this Notice (and in the Annex)—

“the Act” means the Financial Services and Markets Act 2000;

“Annex 1 financial institution” has the meaning given in regulation 55(2) of the MLR;

“the Authority” means the Financial Conduct Authority;

“ECL” means Eurofin Capital Ltd;

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“ECL’s Registration” means ECL’s registration by the Authority as an Annex 1 financial
institution under the MLR;

“EG” means the Enforcement Guide;


“the MLR” means the Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017;

“the RDC” means the Regulatory Decisions Committee of the Authority (see further under
Procedural Matters below); and

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


RELEVANT STATUTORY PROVISIONS

4.
The statutory and regulatory provisions relevant to this Notice are set out in the Annex.

FACTS AND MATTERS RELIED ON

5.
ECL was registered by the Authority on 13 July 2012 as an Annex 1 financial institution.

6.
ECL has failed to pay periodic fees totalling £866 owed to the Authority (comprising an
invoice for £433, which had been due for payment by 3 September 2016; and an invoice
of £433, which had been due for payment by 16 October 2016).

7.
By its Notice of Proposed Cancellation dated 28 May 2020, the Authority gave notice that
it proposed to cancel ECL’s Registration and ECL was given the opportunity to make
representations to the Authority about that proposed action.

8.
Regulation 60(9) of the MLR requires the Authority then to decide whether to cancel ECL’s
registration.

9.
No representations have been received by the Authority from ECL within the time allowed
by the Notice of Proposed Cancellation. The Authority has therefore decided to cancel
ECL’s Registration for the reasons described above. The cancellation of ECL will take effect
on 4 August 2020.

PROCEDURAL MATTERS

Decision maker

10.
The decision which gave rise to the obligation to give this Notice of Decision to Cancel
was made by the of the RDC. The RDC is a committee of the Authority which takes certain
decisions on behalf of the Authority. The members of the RDC are separate to the
Authority staff involved in conducting investigations and recommending action against
firms and individuals. Further information about the RDC can be found on the Authority’s
website:

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11.
This Notice of Decision to Cancel is given to ECL under Regulation 60(9)(b) and is being
served on ECL at the address last notified to the Authority as ECL’s principal place of
business.

The Tribunal

12.
ECL has the right to appeal the decision to cancel to the Tribunal. The Tax and Chancery
Chamber is the part of the Upper Tribunal which, among other things, hears appeals
arising from decisions of the Authority. Under paragraph 2(2) of Schedule 3 to the
Tribunal Procedure (Upper Tribunal) Rules 2008, ECL has 28 days from the date on which
this Notice is given to ECL to refer the appeal to the Tribunal.

13.
An appeal to the Tribunal is made by way of a signed reference notice (Form FTC3) filed
with a copy of this Notice. The Tribunal’s contact details are: Upper Tribunal, (Tax and
Chancery Chamber), Fifth Floor, Rolls Building, Fetter Lane, London, EC4A 1NL (tel: 020
7612 9730; email: fs@hmcts.gsi.gov.uk.


14.
For further information on the Tribunal, ECL should refer to the HM Courts and Tribunal
Service website. Guidance on making a reference to the Tribunal and the relevant form
to complete (Form FTC3) can be accessed from the following link:

15.
A copy of Form FTC3 must also be sent to Funmi Ojo at the Authority, 12 Endeavour
Square, London E20 1JN at the same time as filing a reference with the Upper Tribunal.

Access to evidence

16.
A schedule of the material upon which the Authority has relied in deciding to give ECL
this Notice was given to ECL with the Notice of Proposed Cancellation.

Confidentiality and publicity

17.
This Notice may contain confidential information and should not be disclosed to a third
party (except for the purpose of obtaining advice on its contents).

18.
However, the Authority may publish such information about the matter to which a Notice
served under Regulation 60(9) relates as it considers appropriate. The information
published may contain reference to the facts and matters contained in this Notice.

Contacts

19.
For more information concerning this matter generally, ECL should contact Funmi Ojo at
the Authority (direct line: 020 7066 1354).

Tim Parkes
Chair, Regulatory Decisions Committee

ANNEX

RELEVANT STATUTORY PROVISIONS

1. Regulation 35(1) of the Money Laundering Regulations 2007 provides:

“The Authority […] may impose charges—

(a) on applicants for registration;

(b) on relevant persons supervised by them.”

2. Regulation 55(1) of the MLR provides:

“The [Authority] may maintain a register of Annex I financial institutions.”

3. Regulation 55(6) of the MLR provides:

“The register maintained by the registering authorities must include entries in any
equivalent registers maintained under regulation 32 of the Money Laundering
Regulations 2007 which were current immediately before the date that regulation
was revoked.”

4. Regulation 59(1) of the MLR provides:

“Subject to regulation 58, the registering authority may refuse to register an
applicant for registration in a register maintained under regulation 54 or 55 only
if—

(c) the applicant has failed to pay […]

(iii) a penalty or charge imposed under regulation 35(1) or 42(1) of

the Money Laundering Regulations 2007.”

5. Regulation 60(3) of the MLR provides:

“The registering authority may […] cancel a person’s registration in a register
maintained by it under regulation 54 or 55 if, at any time after registration—

(a) it appears to the authority that any of paragraphs (a) to (e) of

regulation 59(1) apply;

[…].”

6. Regulation 60(8) of the MLR provides:

“Where the [Authority] is minded to suspend or cancel a person’s registration it
must give that person notice—

(a) that it is so minded;
(b) if appropriate, the proposed period of the suspension;

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(c) the reasons for being so minded; and
(d) the right to make representations to it within the period specified in

the
notice
(which
must
not
be
less
than
28
days).”

7. Regulation 60(9) of the MLR provides:

“The [Authority] must then decide, within a reasonable period, whether to
suspend or cancel the person’s registration and it must give that person notice
of—

(a) its decision not to be suspend or cancel the person’s registration; or
(b) the following matters-

i. the decision not to suspend or cancel the person’s registration

and, subject to paragraph 10, the date from which the
suspension or cancellation takes effect;

ii. the period of the suspension;
iii. the reasons for its decision; and
iv. the right to appeal under regulation 93.”

OTHER RELEVANT REGULATORY PROVISIONS

8. The Authority’s policy in relation to exercising its enforcement powers is set out in EG, the

relevant provisions of which are summarised below.


9. EG 19.14.7 provides that, in relation to the MLR, the Authority has decided to adopt

enforcement and decision-making procedures, in relation to the use of its investigation and
sanctioning powers, broadly akin to those it has under the Act. The types of circumstances
in which the Authority will consider cancelling a firm’s Part 4A permission under the Act
include non-payment of Authority fees or repeated failures to pay Authority fees except under
threat of Enforcement action: EG 8.5.2(5).