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.”