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Minister for Justice, Equality and Defence, Mr. Alan Shatter, T.D. announces the publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013

31st January 2013

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.”