Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

25.

Meaning of “designated person”.

25.— (1) In this Part, “designated person” means any person, acting in the State in the course of business carried on by the person in the State, who or that is—

( a) a credit institution, except as provided by subsection (4) ,

( b) a financial institution, except as provided by subsection (4) ,

( c) an auditor, external accountant or tax adviser,

F17 [ (d) subject to subsection (1A) , a relevant independent legal professional, ]

( e) a trust or company service provider,

( f) a property service provider,

( g) a casino,

( h) a person who effectively directs a private members’ club at which gambling activities are carried on, but only in respect of those gambling activities,

( i) any person trading in goods, but only in respect of transactions involving payments, to the person F18 [ or by the person ] in cash, of a total of at least F17 [ 10,000 ] (whether in one transaction or in a series of transactions that are or appear to be linked to each other), or

( j) any other person of a prescribed class.

F18 [ (1A) A relevant independent legal professional shall be a designated person only as respects the carrying out of the services specified in the definition of relevant independent legal professional in section 24(1) . ]

(2) For the purposes of this Part, a person is to be treated as a designated person only in respect of those activities or services that render the person a designated person.

(3) A reference in this Part to a designated person does not include a reference to any of the following:

( a) the Minister for Finance;

( b) the F19 [ Central Bank of Ireland ];

( c) the National Treasury Management Agency.

(4) A person is not to be treated as a designated person for the purposes of this Part solely as a result of operating as a credit institution or financial institution, in the course of business, if—

( a) the annual turnover of the person’s business that is attributable to operating as a credit institution or financial institution is €70,000 (or such other amount as may be prescribed) or less,

( b) the total of any single transaction, or a series of transactions that are or appear to be linked to each other, in respect of which the person operates as a credit institution or financial institution does not exceed €1,000 (or such other lesser amount as may be prescribed),

( c) the annual turnover of the person’s business that is attributable to operating as a credit institution or financial institution does not exceed 5 per cent of the business’s total annual turnover,

( d) the person’s operation as a credit institution or financial institution is directly related and ancillary to the person’s main business activity, and

( e) the person provides services when operating as a credit institution or financial institution only to persons who are customers in respect of the person’s main business activity, rather than to members of the public in general.

(5) Subsection (4) does not apply in relation to any prescribed class of person.

(6) For the avoidance of doubt and without prejudice to the generality of subsection (1)(a) or (b), a credit or financial institution that acts in the State in the course of business carried on by the institution in the State, by means of a branch situated in the State, is a designated person whether or not the institution is incorporated, or the head office of the institution is situated, in a place other than in the State.

(7) The Minister may prescribe a class of persons for the purposes of subsection (1)(j) only if the Minister is satisfied that any of the business activities engaged in by the class—

( a) may be used for the purposes of—

(i) money laundering,

(ii) terrorist financing, or

(iii) an offence that corresponds or is similar to money laundering or terrorist financing under the law of a place outside the State,

or

( b) are of a kind likely to result in members of the class obtaining information on the basis of which they may become aware of, or suspect, the involvement of customers or others in money laundering or terrorist financing.

(8) The Minister may, in any regulations made under subsection (7) prescribing a class of persons, apply to the class such exemptions from, or modifications to, provisions of this Act as the Minister considers appropriate, having regard to any risk that the business activities engaged in by the class may be used for a purpose referred to in paragraph (a) of that subsection.

(9) The Minister may prescribe an amount for the purposes of paragraph (a) or (b) of subsection (4), in relation to a person’s business activities as a credit institution or financial institution, only if the Minister is satisfied that, in prescribing the amount, the purposes of that subsection will likely be fulfilled, including that—

( a) those activities are carried out by the person on a limited basis, and

( b) there is little risk that those activities may be used for a purpose referred to in subsection (7)(a).

(10) The Minister may prescribe a class of persons for the purpose of subsection (5) only if the Minister is satisfied that the application of subsection (4) to the class involves an unacceptable risk that the business activities engaged in by the class may be used for a purpose referred to in subsection (7)(a).

Annotations:

Amendments:

F17

Substituted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 5(a)(i), (ii)(II), S.I. No. 486 of 2018.

F18

Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 5(a)(ii)(I), (b), S.I. No. 486 of 2018.

F19

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(14) and sch. 2 part 14 par. 33, S.I. No. 469 of 2010.

Editorial Notes:

E12

Power pursuant to subss. (7), (8) exercised (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Section 25) (Prescribed Class of Designated Person) Regulations 2018 (S.I. No. 487 of 2018), in effect as per reg. 1(2).

E13

Previous affecting provision: subss. (1)(d) substituted and (1A) inserted by Criminal Justice Act 2013 (19/2013), s. 5, not commenced; substituted and inserted as per F-note above.