Anti-Money Laundering Guidance
The commencment date for the new anti-money laundering regime is 15 July 2010.
These changes emanate from the 3rd EU Anti -Money Laundering Directive which all Member States are required to implement and which is now reflected in Irish law by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. This Act replaces the previous legislation and Regulations (i.e. The Criminal Justice Act 1994, SI 242 of 2003, SI 416 of 2003 and SI 003 of 2004) and contains a lot more detail on the obligations that exist for designated persons such as tax advisers.
The previous anti-money laundering (AML) Guidelines prepared by ITI no longer apply. A new set of guidelines will be issued once these have been approved by the Minister for Justice, Equality and Law Reform (the Minister), after consulting with the Minister for Finance.
Further Information
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is available by clicking here.
The dedicated webpage of the Department of Justice, Equality and Law Reform is available by clicking here.
The OECD 2009 report 'Money Laundering Awareness Handbook for Tax Examiners and Tax Auditors' is available by clicking here.
S.I. No. 342 of 2010 - Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Commencement) Order 2010 is available by clicking .
S.I. No. 343 of 2010 - Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (Section 31) Order 2010 is available by clicking here.