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Amendment of section 37 of Act of 2010
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10. Section 37 (amended by section 16 of the Act of 2018) of the Act of 2010 is amended—
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(a) by the insertion of the following subsection after subsection (4):
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“(4A) A designated person shall continue to apply the measures referred to in subsection (4) to a politically exposed person for as long as is reasonably required to take into account the continuing risk posed by that person and until such time as that person is deemed to pose no further risk specific to politically exposed persons.”,
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(b) in the definition of “politically exposed person” in subsection (10), by—
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(i) the substitution of “any of the following individuals” for “either of the following individuals”, and
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(ii) by the insertion of the following paragraph after paragraph (b):
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“(c) any individual performing a prescribed function;”,
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and
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(c) by the insertion of the following subsections after subsection (11):
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“(12) The Minister may, with the consent of the Minister for Finance, issue guidelines to the competent authorities in respect of functions in the State that may be considered to be prominent public functions and each competent authority shall have regard to any such guidelines.
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(13) The Minister may, where he or she believes it is necessary to do so, and with the consent of the Minister for Finance, issue guidelines to the competent authorities for the purpose of facilitating the consistent, effective and risk-based application of this section.”.
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