12) When would a regulated entity be able to conduct a transaction where the consent of the designated authority has been requested?

Section 99 of POCA permits the nominated officer to consent to the doing of a prohibited act where the officer had made a disclosure to the designated authority that property is suspected to be criminal property, and any of the following occurs:

  1. the designated authority gives consent to the doing of the act
  2. having made the report, seven (7) working days have passed and the nominated officer has not received a response from the designated authority; or
  3. The nominated officer receives a notice before the seven (7) working days have elapsed that consent was refused, but ten (10) days have passed since the receipt of that refusal notice without any subsequent Court order.

Where an urgent response is required, the designated authority is permitted to provide a verbal notice of its consent or refusal, however, a written notice should be sent by the designated authority within five (5) days of that verbal response.