(1) In paragraph 5 of Schedule 7 to the Counter-Terrorism Act 2008 (directions in relation to terrorist financing and money laundering etc: meaning of "credit institution" and "financial institution") -
(a) for sub-paragraph (1) substitute -
"(1) Credit institution" means a credit institution, as defined in Article 4(1)(a) of the banking consolidation directive, when it accepts deposits or other repayable funds from the public or grants credits for its own account (within the meaning of that directive).",
(b) after sub-paragraph (2)(b) insert -
"(ba) a person equivalent to an insurance company within paragraph (b) whose head office is located in a non-EEA state, when carrying out activities of the kind mentioned in paragraph (b);",
(c) omit sub-paragraph (2)(f), and
(d) after sub-paragraph (2) insert -
"(3) The fact that an institution's head office is located in a non-EEA state does not prevent it from being a credit institution or a financial institution for the purposes of t
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