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AML Update: New Domestic and European Draft Legislation Published

AUTHOR(S): Joe Beashel
PRACTICE AREA GROUP: Regulatory Risk Management and Compliance, Asset Management and Investment Funds
DATE: 11.02.2013

Over the past few days, two key proposals have been published in the area of anti-money laundering / counter terrorist financing.

On 31 January 2013, the Department of Finance published the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013 (the “Bill”) proposing changes to national legislation.

On 5 February 2013, the European Commission adopted two legislative proposals:

  • A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “Fourth AML Directive”); and
  • A regulation prescribing the information which must accompany transfers of funds (which updates the existing 2006 regulation in this area).

We have prepared the attached note which gives you some insight into these proposals.  If you are a designated person under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “AML Act”) you should take steps now to ensure that you are prepared and ready to make the changes proposed in the Bill which we understand is likely to pass through the legislative process quickly.

We will also be hosting a client briefing in April which will be attended by representatives of the AML Policy section of the Central Bank of Ireland.  A formal invitation will issue in the coming weeks.

In the meantime, if you have any queries in relation to the subject matter referred to in this summary note, we would be delighted to speak with you further. Please contact Joe Beashel or Emily Cassidy in this regard

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