{
  "url": "https://openlegislation.uk/financial-services-act-2021/section-34",
  "json_url": "https://openlegislation.uk/financial-services-act-2021/section-34.json",
  "legislation": "ukpga/2021/22",
  "legislation_title": "Financial Services Act 2021",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2021",
  "path": "section/34",
  "kind": "section",
  "number": "34",
  "heading": "Application of money laundering regulations to overseas trustees",
  "text": "(1) Schedule 2 to the Sanctions and Anti-Money Laundering Act 2018 (money laundering and terrorist financing: further provision about section 49 regulations) is amended as follows.\n(2) In paragraph 22(2) (extra-territorial application of section 49 regulations: meaning of “United Kingdom person”)—\n(a) in paragraph (b), omit the “or” at the end, and\n(b) after paragraph (c) insert\n, or\n(d) a person—\n(i) who does not fall within any of paragraphs (a) to (c), and\n(ii) who is a trustee with links to the United Kingdom (see paragraph 22A).\n(3) After paragraph 22 insert—\n22A (1) Sub-paragraphs (2) and (3) have effect for the purposes of paragraph 22(2)(d).\n(2) A person who is a trustee of a trust has links to the United Kingdom if—\n(a) any property subject to the trust is situated in the United Kingdom,\n(b) a trustee of the trust enters into a business, professional or commercial relationship with a relevant person, or\n(c) the income of the trust includes income which, directly or indirectly, is from a source in the United Kingdom.\n(3) A person who is a trustee of a trust also has links to the United Kingdom if—\n(a) at least one other person is a trustee of the trust,\n(b) the other trustee (or at least one of the other trustees if the trust has more than two trustees) is resident in the United Kingdom, and\n(c) a person makes, at a time when the person is resident in the United Kingdom, a gift of property which becomes subject to the trust.\n(4) In this paragraph “property” has the meaning given by section 436 of the Insolvency Act 1986.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "S. 34 in force at 1.7.2021 by S.I. 2021/739, reg. 3(r)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2021/22/section/34",
    "retrieved_at": "2026-10-28T16:59:00.059133+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}