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SCHEDULES

SCHEDULE 7U.K.Terrorist financing and money laundering

Part 4U.K.Procedural provisions and licensing

Directions limiting or ceasing business: exemption by licenceU.K.

17(1)The following provisions apply where a direction contains requirements of a kind mentioned in paragraph 13 (limiting or ceasing business).U.K.

(2)The Treasury may grant a licence to exempt acts specified in the licence from those requirements.

(3)A licence may be—

(a)general or granted to a description of persons or to a particular person;

(b)subject to conditions;

(c)of indefinite duration or subject to an expiry date.

(4)The Treasury may vary or revoke a licence at any time.

(5)On the grant, variation or revocation of a licence, the Treasury must—

(a)in the case of a licence granted to a particular person, give notice of the grant, variation or revocation to that person;

(b)in the case of a general licence or a licence granted to a description of persons, take such steps as the Treasury consider appropriate to publicise the grant, variation or revocation of the licence.