(1) The Secretary of State may, by giving written notice to a person, exempt the person under this section if satisfied that to do so is necessary -
(a) in the interests of national security;
(b) for the purposes of preventing or detecting serious crime.
(2) The effect of an exemption is that -
(a) overseas entities are not required to take steps or give notices under section 12 in relation to the exempt person,
(b) the exempt person is not required to comply with any notice given by an overseas entity under section 12 or 13 if the exempt person brings the existence of the exemption to the attention of the entity,
(c) a notice given by an overseas entity under section 13 does not require any other person to supply information about the exempt person, and
(d) the exempt person does not count as a registrable beneficial owner in relation to any overseas entity for the purposes of this Part.
(3) For the purposes of subsection (1)(b) -
(a) "crime" means conduct which -
(i) constitutes a cr
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