Competent Authorities designation added to adjudicatory framework, aligning foreign exchange provisions with money laundering amendments and implementation. Insertion of the term Competent Authorities into section 18 formally recognises administrative bodies alongside Adjudicating Authorities, broadening the ... Summary
Competent Authorities designation added to adjudicatory framework, aligning foreign exchange provisions with money laundering amendments and implementation.
Insertion of the term Competent Authorities into section 18 formally recognises administrative bodies alongside Adjudicating Authorities, broadening the class of entities referenced in the provision. Clauses 166 and 170 make consequential amendments to several sections to align the foreign exchange statute with corresponding amendments in anti money laundering legislation, ensuring consistency between the regulatory frameworks.
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