Section 48 – Directions to branches of credit institutions and financial institutions
101.Directions under Schedule 7 to the Counter-Terrorism Act 2008 (see paragraph 10 above) may be given to a person operating in the financial sector i.e. a credit institution or financial institution, where the institution is a UK person or is acting in the course of business carried on by it in the UK (paragraphs 3 to 5 of that Schedule). The amendments made by section 48 ensure that such directions can apply to branches of a relevant person, wherever located.
102.Section 49 – Directions in relation to subsidiaries.
103.Directions under Schedule 7 may impose requirements on credit or financial institutions in relation to their transactions or business relationships with certain persons. The amendment made by this section will allow such requirements to be imposed in relation to a person who is a subsidiary of a person incorporated in a country of concern (see paragraph 10 above) or carrying on business there.
