Section 6(1) of the Act of 2005 is amended -

(a) by the insertion of the following definition before the definition of "Bank":

"'Act of 2010' means the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010;",

(b) by the insertion of the following definitions after the definition of "Bank":

"'beneficial owner', in relation to a common contractual fund, means any individual who -

(a) ultimately is entitled to or controls, whether the entitlement or control is direct or indirect, more than a 25 per cent share of the capital or profits of the common contractual fund or more than 25 per cent of the voting rights in the common contractual fund, or

(b) otherwise controls the common contractual fund;

'beneficial ownership register' shall be construed in accordance with section 21B;",

(c) by the insertion of the following definition after the definition of "common contractual fund":

"'competent authority' means a competent authority as that expression, by virtue of sections 60 and 61 of the Act of 2010, is to be construed for the purposes of Part 4 of that Act;",

(d) by the insertion of the following definitions after the definition of "deed of constitution" or "deed":

"'designated person' has the meaning assigned to it by section 25 of the Act of 2010;

'Higher Executive Officer' means the position of Higher Executive Officer, or a position equivalent to it, in the public body concerned;",

and