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Anti-Money Laundering legislation enacted
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "Act") was signed into law on 5 May. The main purpose of the Act is to transpose the Third EU Money Laundering Directive (2005/60/EC) into Irish law. It also gives effect to certain recommendations of the international anti-money laundering and anti-terrorist financing body, the Financial Action Task Force.
The Act consolidates existing Irish anti-money laundering and terrorist financing laws and also imposes increased obligations on a wide range of “designated persons” (which includes credit and financial institutions, lawyers, accountants, trust and company service providers, casinos, property service providers and others) in relation to anti-money laundering and terrorist financing procedures. These increased obligations include a requirement to report suspicious transactions to the Irish police and Revenue Commissioners, as well as a requirement to put in place specific procedures to provide for the prevention of money laundering and terrorist financing. The Act also increased the obligation on designated persons to carry out customer identification and verification due diligence procedures.
The Act will now require the making of the necessary Commencement Orders by the Minister for Justice Equality and Law Reform. At the concluding stages of the Act in the Oireachtas (Irish Parliament), the Minister stated that the Act “will be commenced in various parts in the coming months in order to give adequate time to the various people involved including the professions. At least three months notice will be given of the first commencement which will provide a good opportunity to inform members”.
If you would like to discuss further how the Act might impact your business, please do not hesitate to contact your usual contact in the International Business Group.