(1) This section applies to designated persons -

(a) which operate establishments in the State and which have their head offices in another Member State, or

(b) which operate establishments in another Member State and which have their head offices in the State.

(2) A competent authority for designated persons to which this section applies shall take the necessary steps -

(a) to co-operate with Member State competent authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing,

(b) to co-ordinate activities to counter money laundering and terrorist financing with Member State competent authorities, and

(c) to co-operate with Member State competent authorities to ensure the effective supervision of designated persons to which this section applies.