Since the implementation last year of the restrictions on Money Laundering which are contained in the Criminal Justice Act, 1994, the obligations introduced by the 1994 Act have been extended by the Minister for Justice to bring additional financial services and additional institutions within the scope of the Act, for example the sale of units or shares of collective investment schemes. In addition, a series of Guidance Notes for credit institutions, financial institutions (other than credit institutions) and for insurance and retail investment products (for use by life assurance companies and intermediaries) have been issued with the approval of the Money Laundering Steering Committee which was established under the aegis of the Department of Finance to issue the guidelines.
CONSUMER CREDIT ACT, 1995
The Consumer Credit Act, 1995 was brought into effect from 1st May 1996. Regulations are being introduced under the Act to amend the Act's provisions as to the mandatory contents of statutory notices for credit cards and housing loans; to extend the application of the "credit insurance" definition to ICC Investment Bank Limited; to extend the definition "mortgage lender" to local authorities; and to revise the criteria for being deemed to be a "mortgage lender".
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