Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

F259[Referral to adjudication

109M

109M.— (1) Where the Minister is of the opinion that there has been a breach of a relevant obligation by a relevant provider, the Minister may, having regard to the matters set out in subsection (2)–

(a) enter into a commitment agreement with the relevant provider, or

(b) subject to the power under section 109O to direct the carrying out of a Chapter 11 investigation, proceed to refer the matter to the chief adjudication officer for the purposes of conducting an adjudication.

(2) In determining whether to proceed under paragraph (a) or (b) of subsection (1), the Minister shall have regard to all relevant circumstances, including the following:

(a) the gravity and duration of the breach;

(b) the number of times the breach occurred;

(c) the degree of responsibility of the relevant provider for the breach;

(d) the financial strength of the relevant provider, including having regard to the total turnover or annual income of the provider;

(e) the benefit (if any) derived from the breach by the relevant provider;

(f) the losses (if any) to third parties caused by the breach;

(g) where applicable, the extent to which a relevant officer of the relevant provider knew, or ought to have known, that the breach was occurring or would occur;

(h) the level of cooperation of the relevant provider with the Minister;

(i) previous breaches by the relevant provider.]

Annotations

Amendments:

F259

Inserted (30.06.2026) by European Union (Money Laundering and Terrorist Financing) (Administrative Sanctions) Regulations 2026 (S.I. No. 307 of 2026), reg. 5, in operation as per reg. 2.