Section 1098H | Power to enable authorisation of foreign corporate service providers ^F1

(1)The Secretary of State may by regulations make provision for the purposes of enabling a person who is subject to a relevant regulatory regime under the law of a territory outside the United Kingdom to become an authorised corporate service provider, even if the person is not a relevant person as defined by regulation 8(1) of the Money Laundering Regulations.

(2)In subsection (1) “relevant regulatory regime” means a regulatory regime that, in the opinion of the Secretary of State, has similar objectives to the regulatory regime under the Money Laundering Regulations for relevant persons and is likely to be no less effective in achieving those objectives.

(3)Regulations under this section—

(a)may amend any of sections 1098B to 1098G or insert new sections into this Act;

(b)may make consequential amendments or repeals in other provisions of this Act.

(4)Regulations under this section are subject to affirmative resolution procedure.

(5)In this section “Money Laundering Regulations” has the meaning given by section 1098B(8).