The Irish legislation in this area is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended.

The legislation ensures Ireland’s compliance with EU anti-money laundering/counter terrorist financing obligations under various Directives and ensures Ireland’s complies with FATF obligations.

Upcoming Legislation

The Government has approved the drafting of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill [2020] which will transpose certain criminal justice (and related) provisions from the 5th EU anti-money laundering Directive into Irish law, namely those concerned with:

  • the use of virtual currencies for terrorist financing and limiting the use of pre-paid cards;

  • safeguards for financial transactions to and from high-risk third countries;

  • the scope of designated bodies under the existing legislation;

  • enhanced customer due diligence (CDD) requirements;

  • the prevention of credit and financial institutions from creating anonymous safe-deposit boxes;

  • a number of technical amendments to other provisions of the Acts already in force.

The Department of Finance is transposing elements of the EU Directives that fall within their policy remit, which include the establishment of beneficial ownership registers and centralised bank account registers.