Section 28Part 7 — Miscellaneous
Competent authority may issue guidance
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The competent authority may issue guidance for the purpose of giving practical guidance with respect to this Act , including guidance —
to assist with the interpretation of “ beneficial ownership ” and “ ultimate effective control ”; and
on the enforcement of administrative fines under this Act .
A legal person, a corporate services provider and a registrable beneficial owner shall have regard to the guidance issued under subsection (1).
The competent authority shall publish the guidance issued under subsection (1) in any m anner that the competent authority considers will bring the guidance to the attention of the persons who are most likely to be affected by it.
The competent authority may revise guidance issued under subsection (1) from time to time and any reference t o guidance includes a reference to revised guidance.