(1) The Minister may, after consultation with the Minister for Finance, by order designate a place that is not a Member State, for the purposes of sections 34 (3), 36 (2) and 43, if the Minister is satisfied that the place does not have adequate procedures in place for the detection of money laundering or terrorist financing.
(2) A place that is the subject of a decision adopted by the European Commission and in force, under Articles 40(4) and 41(2) of the Third Money Laundering Directive is taken to have been designated under this section.