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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 4 of 4

Regulation 2 Equivalence directions

(1) The Treasury may, by direction, in relation to countries which are EEA states, make a determination set out in Schedule 1 for the purposes set out in that Schedule.

(1A) For the purposes of making determinations under paragraph (1), the Treasury may consider (among other things) -

(a) sanctions, embargos or similar measures issued by, for example, the European Union or the United Nations; and

(b) whether the relevant EEA state is a "high-risk third country" within the meaning of regulation 33(3) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 [S.I. 2017/692.].

(1B) Directions under paragraph (1) may contain such conditions for or limitations on the applicability of an equivalence direction as the Treasury considers appropriate.

(2) A direction given under paragraph (1) -

(a) may have effect only on or after IP completion day; and

(b) ceases to have effect on the date on which -

(i) it is revoked by a direction under paragraph (1) or by any other enactment; or

(ii) regulations made by the Treasury, which contain a determination to the same effect, come into force.