s.21Exemption of organisations
21
Section 21Part 7 — EXEMPTIONS

Exemption of organisations

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In this Part —
"government entity" means any body of Government and includes a ministry, portfolio, statutory authority, company, board, department or office; and
"regulatory laws" has the meaning assigned by section 2 of the Monetary Authority Law (2020 Revision).
Subject to subsection (3), the following are exempted from the requirement to register under this Law —
a non-profit organisation that is a designated non-financial business or profession registered under the Anti-Money Laundering Regulations (2020 Revision);
a non-profit organisation registered or holding a licence under any of the regulatory laws, other than an entity registered as an excluded person under section 5(4) of the Securities Investment Business Law (2020 Revision);
a non-profit organisation established as a trust company licensed or registered to carry on a trust business or a controlled subsidiary thereof registered under the Banks and Trust Companies Law (2020 Revision);
a government entity;
an entity assigned by Cabinet with the responsibility of monitoring compliance with the relevant terrorism and anti-money laundering legislation; and
any other entity that Cabinet may, by order exempt.
Notwithstanding subsection (2), a non-profit organisation or an entity under subsection (2) may apply to be registered under this Law and shall be subject to the provisions of this Law after registration.
The Registrar may request from —
a non-profit organisation exempted under subsection 2(a), (b) or (c); or
an entity exempted under subsection 2(e) or (f), documentation which reflects that the non-profit organisation or entity is acting in compliance with —
relevant audit, licensing, registration and accounting requirements; and
relevant terrorism legislation.
A non-profit organisation or an entity under subsection (4) shall submit to the Registrar any documentation requested within forty-five days of receipt of the request.

Defined Terms

government entityregulatory laws

Cross References

Referenced By