(1) For the purposes of the definition of "acceptable institution" in section 33 and its application in that section, the definition of "specified customers" in section 34 and its application in that section and section 36, the definition of "relevant third party" in section 40 and its application in that section, and for the purposes of sections 34(2)(b)(ii), 51(2) and (3) and 52(2), the Minister may, after consultation with the Minister for Finance, by order designate a place other than a Member State if the Minister is satisfied that the place imposes requirements equivalent to those specified in the Third Money Laundering Directive.
(2) The designation of a place other than a Member State under this section does not apply so long as the place is the subject of a decision adopted by the European Commission and in force, under Articles 40(4) and 41(2) of the Third Money Laundering Directive.