Legislation

The Irish legislation in this area is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended by Part 2 of the Criminal Justice Act 2013. The 2010 Act consolidated Ireland's existing Anti-Money Laundering and Terrorist financing laws, which until then had to be co-initiated mainly in the Criminal Justice Act 1994.

The purpose of this legislation is to:



Key features of the legislation


The legislation sets out the legal provisions to ensure technical compliance with and effective implementation of international standards by:


Scope of the legislation


The legislation imposes obligations in terms of money laundering and terrorist financing on a wide range of legal persons (referred to in the legislation as ‘designated persons’) including:


These designated persons are required to identify customers / beneficial owners, maintain records, report suspicious transactions to An Garda Síochána and to the Revenue Commissioners and to put in place procedures to provide for the prevention of money laundering and terrorist financing.

Note

The Minister for Justice and Equality signed an Order on 16 August 2016 prescribing the Property Services Regulatory Authority (PSRA) as the Competent Authority for the Real Estate sector for the purposes of money laundering and terrorist financing compliance monitoring in accordance with the provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended by the Criminal Justice Act 2013.

For categories of ‘designated persons’ for which there is no supervisory or competent authority, the legislation provides that they will be monitored for the purposes of compliance with the legislation by the State Competent Authority i.e. the Anti-Money Laundering Compliance Unit acting on behalf of the Minister.

 

Upcoming Legislation


The Criminal Justice (Money Laundering and Terrorist Financing) Bill 2018, which will give effect to provisions of the Fourth EU Anti-Money Laundering Directive, is currently progressing through the houses of the Oireachtas. Its progress can be viewed here.