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ARTICLE · 24 JUNE 2010

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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On 5 May 2010, the Third-Anti Money Laundering Directive (2005/60/EC) (the "Third AML Directive") was finally transposed in Ireland by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ("the Act").

IrelandGovernment, Public Sector
Dillon Eustace
Dillon Eustace
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Introduction

On 5 May 2010, the Third-Anti Money Laundering Directive (2005/60/EC) (the "Third AML Directive") was finally transposed in Ireland by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ("the Act"). The aim of the Third AML Directive is to widen the scope of previous anti-money laundering and terrorist financing legislation based on the revised recommendations of the Financial Action Task Force ("FATF").

The Department of Justice and Law Reform has confirmed that the commencement date for the Act will be 15 July 2010, except for Chapter 9 of Part 4 (Authorisation of Trust and Company Service Providers). This leaves a very short time frame for all designated persons to comply with the new requirements.

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