ARTICLE · 21 DECEMBER 2018

Criminal Justice (Money Laundering And Terrorist Financing) (Amendment) Act 2018

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On 26 November 2018 the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 ( the "2018 Act") was commenced, transposing the Fourth Anti- Money Laundering Directive ("4AMLD") into Irish law.

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On 26 November 2018 the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 ( the "2018 Act") was commenced, transposing the Fourth Anti- Money Laundering Directive ("4AMLD") into Irish law. It should be noted that Article 30 (1) of 4 AMLD, dealing with the requirement on a body corporate or other legal entity to maintain its own register ( "Local Register") of beneficial owners, was already transposed into Irish law by the European Union (Anti- Money Laundering : Beneficial Ownership of Corporate Entities) Regulations 2016.

The EU has some other major anti- money laundering initiatives underway which will have an impact on Irish law in the near future. The Fifth Anti-Money Laundering Directive ("5AMLD") must be transposed into Irish law by 10 January 2020 and the Sixth Anti-Money Laundering Directive ("6AMLD") must be transposed into Irish law by 3 December 2020.

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