Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

30.

Other persons who are beneficial owners.

30.— (1) In this Part, “beneficial owner”, in relation to a legal entity or legal arrangement, other than where section 26, 27 or 28 , applies, means—

( a) if the individuals who benefit from the entity or arrangement have been determined, any individual who benefits from F25 [ ] the property of the entity or arrangement,

( b) if the individuals who benefit from the entity or arrangement have yet to be determined, the class of such individuals in whose main interest the entity or arrangement is set up or operates, and

( c) any individual who exercises control over F25 [ ] the property of the entity F26 [ or arrangement, ]

F27 [ ( d ) any person holding a position, in relation to the legal entity or legal arrangement that is similar or equivalent to the position specified in paragraphs (d) to (f) of section 28(2) in relation to a trust. ]

(2) For the purposes of and without prejudice to the generality of subsection (1) , any individual who is the beneficial owner of a body corporate that benefits from or exercises control over the property of the entity or arrangement is taken to benefit from or exercise control over the property of the entity or arrangement.

(3) In this Part, “beneficial owner”, in relation to a case other than a case to which section 26, 27, 28 or 29 , or subsection (1) of this section, applies, means any individual who ultimately owns or controls a customer or on whose behalf a transaction is conducted.

(4) F25 [ ]

Annotations:

Amendments:

F25

Deleted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 9(a)(i), (ii)(I), (b), S.I. No. 486 of 2018.

F26

Substituted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 9(a)(ii)(II), S.I. No. 486 of 2018.

F27

Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 9(a)(iii), S.I. No. 486 of 2018.