TACT reformed and extended previous counter-terrorist legislation. It gives the Government the power to proscribe terrorist organizations. It also criminalises fund-raising and other kinds of financial support for terrorism and gives the courts the power to order forfeiture of any money or other property.

The legislation establishes a disclosure regime where an individual “believes or suspects that another person has committed an offence” and where he “bases his belief or suspicion on information which comes to his attention in the course of a trade, profession, business or employment.” In such circumstances the individual or his employer “commits an offence if he does not disclose to a constable as soon as is reasonably practicable - (a) his belief or suspicion, and (b) the information on which it is based” (s.19).

TACT defines "terrorist property" as "money or other property" (Section 14(1) TACT) with "property" being defined as "property wherever situated and whether real or personal, heritable or moveable, and things in action and other intangible or incorporeal property" (Section 121 TACT).

Section 15 - TACT - criminalises fund-raising for terrorist activity, receiving property intended for terrorism and financing terrorism.

Section 16 - TACT - criminalises the use of money or property for terrorism or the possession of money or property with the intention of using it for terrorism.

Section 17 - TACT - criminalises involvement in arrangements for transfer of money or property for possible terrorist purposes.

Section 18 - TACT - criminalises the money laundering of terrorist property. The offences apply to persons, both corporate and unincorporate. The offences also apply to persons who have either actual knowledge of the intention to apply funds for terrorist purposes or where that person had reasonable cause to suspect that the property would be used for the purposes of terrorism.

The legal obligation on the regulated sector to submit suspicious activity reports in relation to terrorism is set out at Section 21A of TACT. There is no de minimis limit, nor is there a specification for transaction data; the report can be on suspicious activity, thus ensuring the widest possible scope for reporting.

The consent provisions within TACT are similar to those within POCA.

Sections 19-21 of TACT build upon the internal reporting arrangements demanded of the regulated sector by the MLRs Regulation 7.

Section 20 of TACT also covers the non-regulated sector, in that any person “may disclose a suspicion or belief …that arises in the course of trade, profession, business or employment…..”

Section 39 of TACT contains provisions similar to POCA relating to “Tipping Off”.