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Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
F260[Power to enter into commitment agreement
109N.— (1) The Minister may, without prejudice to sections 109M(1)(a) and 109Q(b)(ii), at any time enter into an agreement (in this Chapter referred to as a “commitment agreement”) in writing with a relevant provider under which the provider agrees to take measures that appear to the Minister to address any issue relating to compliance by the provider with a relevant obligation.
(2) A commitment agreement may include provision under which the Minister agrees, subject to the terms of the agreement, not to take specified steps in relation to matters or findings addressed by the agreement.
(3) A commitment agreement, unless terminated under subsection (4) or (5), is binding on the parties for the period specified in the agreement.
(4) A commitment agreement may be amended or terminated by the parties by agreement in writing.
(5) The Minister may terminate a commitment agreement by giving notice in writing to the relevant provider if–
(a) the provider does not comply with the agreement, or
(b) it appears to the Minister that information provided by the provider and relied on by the Minister for the purposes of entering into the agreement was, in a material respect, incomplete, misleading or false.
(6) A provider who fails to comply with a commitment agreement may be liable to an administrative financial sanction in accordance with this Chapter.]
Annotations
Amendments:
F260
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.