Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018

Public bill · Government · Presented

Tightens Ireland’s anti–money laundering and anti–terrorist financing rules to match updated EU standards. It places more duties on banks, lawyers, accountants, dealers in expensive goods and others to check customers properly, assess risk, keep better policies and training in place, and report suspicious activity; it also strengthens the Garda Financial Intelligence Unit’s powers and improves supervision, registration and penalties. In practice, it lowers the cash threshold for some high-value traders, broadens checks on owners of companies, partnerships and trusts, and adds tougher rules for higher-risk countries and transactions.

Formal long title

Bill entitled an Act to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to give effect to certain provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 20151 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, and to provide for related matters.

Last updated 25 October 2019