(1) Competent authorities shall take the necessary measures to prevent persons convicted of a relevant offence from performing a management function in or being the beneficial owners of the designated persons referred to in paragraphs (c), (d) and (f) of section 25(1).
(2) Any person performing a management function in or being the beneficial owner of the designated persons referred to in subsection (1) and who is convicted of a relevant offence must inform the relevant competent authority within 30 days of the day on which that person was convicted of the relevant offence.
(3) Any designated person for which or in respect of which a person who is convicted of a relevant offence, performs a management function or is a beneficial owner, shall inform its competent authority of the conviction within 30 days of the date on which the designated person became aware of the conviction.
(4) In this section "a relevant offence" means -
(a) an offence under this Act,