New Legislation on Anti-Money Laundering signed in Ireland
The latest Ireland’s legislation aimed to fight money laundering has come into effect as signed by the President. The Bill was published in July 2009 and progressed quickly through the Oireachtas.
The Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 transposes the 3rd EU money laundering directive into Irish law. It enforces certain recommendations of the international anti-money laundering and anti-terrorist financing body, the Financial Action Task Force (FATF).
The Act consolidates the existing anti-money laundering and terrorist financing laws that previously have been contained mainly in the Criminal Justice Act 1994. Also, the new legislation increases the obligations of individuals and organisations as related to disclosure regarding suspected money laundering and terrorist financing.
According to Ireland’s Minister for Justice Dermot Ahern: “This new law increases the obligations on credit and financial institutions and on lawyers, accountants, estate agents and others with regard to money-laundering and terrorist financing.” He also said that similar legislation will apply throughout the EU.