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ARTICLE · 12 MARCH 2012

Anti-Money Laundering Update - March 2012

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Irish anti-money laundering legislation is set out in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, (the "Act") which was enacted on 15 July 2010

IrelandGovernment, Public Sector
Joe Beashel
Joe Beashel
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Guidance Notes Published but not Approved

Irish anti-money laundering legislation is set out in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, (the "Act") which was enacted on 15 July 2010. It implements the EU's Third Anti-Money Laundering Directive (2005/60/EC).

In addition to the Act, a set of guidance notes was prepared by a Government body called the Money Laundering Steering Committee. These guidance notes are contained in a set of so called "Core" Guidance Notes which have been published by the Department of Finance.

Specific sets of industry specific guidance notes were also been drafted but have not been published in final form.

Section 107(3) of the Act provided for the guidance notes to be approved by the Minister for Justice in consultation with the Minister for Finance. Section 107(3) stated that a court could have regard to the and guidelines issued by the Minister for Justice in determining whether the a designated

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