Section 42(6)

For the purposes of this Part— the trustees have a controlling interest in a third country entity if they meet any of the specified conditions in paragraphs 2 to 5 of Schedule 1A to the Companies Act 2006 (people with significant control over a company) where that Schedule is read with the following modifications— references to X having or holding a share in or a right in relation to, or exercising significant influence or control over, company Y are to be read as references to the trustees (in their capacity as such) having or holding a share in or a right in relation to, or exercising significant influence or control over, the third country entity; for “25%” wherever it occurs in each of paragraphs 2 (ownership of shares), 3 (voting rights), 13 (calculating shareholdings), and 14 (voting rights), read “50%”; and “third country entity” means a body corporate, partnership or other entity that— is governed by the law of a country or territory other than the United Kingdom and (in each case) is a legal person under that law, and is not subject to national legislation having a broadly equivalent effect to the requirements laid down in Article 30 of the fourth money laundering directive.

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Source: legislation.gov.uk · retrieved 2026-09-04