12A. Prescription of additional financial institutions

The Minister of Finance may, on the recommendation of the competent authority, by order published in the Gazette, prescribe a person that is carrying on a financial business that is regulated or supervised by or subject to the oversight of a relevant regulatory or supervisory authority pursuant to the laws enforced by such regulatory or supervisory authority to be a financial institution for the purposes of the definition of “financial institution” under subsection 3(1).

Anti-Money Laundering, Anti-Terrorism 31

Financing, Anti-Restricted Activity Financing and Proceeds of Unlawful Activities