The Minister for Justice, Equality and Defence, Mr. Alan Shatter, T.D., today announced the publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013.
The primary purpose of the Bill is to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 in order to align certain provisions more closely with international standards and to amend some provisions to reflect operational requirements.
The framework provided for in the 2010 legislation is based on the 3rd EU Money Laundering Directive and the standards set by the Financial Action Task Force (FATF). It represented a radical overhaul of the anti-money laundering system which was first put in place in the mid 1990’s and then reviewed and updated at various times. One of the key features of the 2010 legislation is that it increased the customer due diligence (CDD) measures which must be taken by the professions and businesses to whom the Act applies, i.e. designated persons. These include banks and other financial institutions, accountants, tax advisers, legal professionals, estate agents, trust or company service providers as well as others. The CDD measures involved include identification and verification of customers and the monitoring of transactions and services. There are also obligations to report suspicions of money laundering or terrorist financing to An Garda Síochána and the Revenue Commissioners and to ensure that there are specific procedures and policies in place to reduce the risks of money laundering.
Making the announcement the Minister said, “The legislation we have in place to counter money laundering is robust and effective. I am confident that the enactment of this Bill will enable Ireland to enhance its compliance with FATF standards, it also provides an opportunity to introduce some changes to reflect the experience of the operation of the system since 2010.”
Link to the press release : click here
Direct link to the amendment: Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013