Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

60.

Meaning of “competent authority”.

60.— (1) Subject to section 61 , a reference in this Part to the competent authority for a designated person is a reference to the competent authority prescribed for the class of designated persons to which the designated person belongs.

(2) If no such competent authority is prescribed, a reference in this Part to the competent authority is a reference to the following:

( a) in the case of a designated person that is a credit institution or a financial institution, the F113 [ Central Bank of Ireland ];

( b) in the case of a designated person who is an auditor, external accountant, tax adviser or trust or company service provider—

(i) if the person is a member of a designated accountancy body, the designated accountancy body, or

(ii) if the person is not a member of a designated accountancy body and is a body corporate, or a body of unincorporated persons, carrying out its functions under this Part F114 [ through officers and members ] of it who are members of a designated accountancy body, the designated accountancy body;

( c) in the case of a designated person who is a solicitor, the Law Society of Ireland;

F115 [ ( d ) in the case of a designated person who is a barrister, the Legal Services Regulatory Authority; ]

( da) F117 [ ]

F118 [ ( db ) in the case of a designated person that is a property services provider, the Property Services Regulatory Authority; ]

( e) in the case of any designated person other than a designated person referred to in paragraph (a), (b), (c) F115 [ , ( d ) or ( db ) ], the Minister.

(3) The Minister may prescribe a competent authority for a class of designated persons, for the purpose of subsection (1), only if the Minister is satisfied that the competent authority is more appropriate than the competent authority specified in subsection (2) for the class of designated persons, having regard to the nature of the business activities engaged in by that class.

Annotations

Amendments:

F113

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

F114

Substituted (14.06.2013) by Criminal Justice Act 2013 (19/2013), s. 13, S.I. No. 196 of 2013.

F115

Substituted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 18(a), (d), S.I. No. 188 of 2021.

F116

Inserted (7.10.2019) by Legal Services Regulation Act 2015 (65/2015), s. 214(b), S.I. No. 502 of 2019.

F117

Deleted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 18(b), S.I. No. 188 of 2021.

F118

Inserted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 18(c) , S.I. No. 188 of 2021.

Editorial Notes:

E39

Power pursuant to subs. (3) exercised (1.09.2016) by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Competent Authority and State Competent Authority) Regulations 2016 (S.I. No. 453 of 2016), in effect as per reg. 2.

E40

Powers pursuant to subs. (3) exercised (3.03.2014) by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Competent Authority) Regulations 2014 (S.I. No. 79 of 2014), in effect as per reg. 2.

E41

Previous affecting provision: subss. (2)(d) inserted (7.10.2019) by Legal Services Regulation Act 2015 (65/2015), s. 214(a), S.I. No. 502 of 2019; substituted as per F-note above.

E42

Previous affecting provision: subss. (2)(da) inserted (7.10.2019) by Legal Services Regulation Act 2015 (65/2015), s. 214(b), S.I. No. 502 of 2019; deleted as per F-note above.