Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I move amendment No. 5:

In page 7, between lines 10 and 11, to insert the following:

"Amendment of section 60 of Act of 2010

11. Section 60(2)(b)(ii) of the Act of 2010 is amended by the substitution of "through officers and members" for "through officers, members or employees".".

The purpose of this amendment is to clarify that a designated accountancy body is not obliged to act as the competent authority for a company purely because an employee of the company is a member of the designated accountancy body. Section 60 of the Act of 2010 sets out the competent authorities for the different types of designated persons. Such competent authorities include the Central Bank, designated accountancy bodies, the Law Society, the Bar Council and myself, as Minister for Justice and Equality.

Section 60(2)(b)(ii) provides that if the designated person - who is an auditor, external accountant, tax adviser or trust or company service provider - is not a member of a designated accountancy body and is either a body corporate or a body of unincorporated persons carrying out its functions through officers, members or employees who are members of a designated accountancy body, it is that designated accountancy body which takes the role of the competent authority. This amendment removes the reference to "employee" in that provision. The anti-money laundering compliance unit, AMLCU, of my Department, which has responsibility for monitoring the anti-money laundering obligations for a number of areas, will take on such a role for any such bodies concerned. I commend the amendment to the House.

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