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.