Ireland transposes additional provisions of EU 5AMLD into national law

* UPDATE: In response to emails I've uploaded a slideshow of our consolidation - available here. Clients will receive a free amendable/searchable copy *

Comments on the updated Irish #moneylaundering & #terroristfinancing legislation.

What: Ireland signed into law the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (the “2021 Act”). The 2021 Act (No. 3 of 2021) makes a number of changes to the 2010 Act (No. 6 of 2010)

When: 18 March 2021. Legislation passed by Oireachtas (signed into Law by the President of Ireland).  The 2021 Act takes effect on Friday 23 April 2021 with remaining legal provisions taking effect on the following day (23 April 2021).  A copy of the commencement order is available here.

Action: Time to update your #Compliance & #FinancialCrime Risk Frameworks, Risk Assessments, Policies, Manuals & Procedures. What areas of the 2010 Act are impacted that you need to know and take into account to update your compliance documents? See the comments section below where I've listed the areas from the 2010 Act impacted by the 2021 Act.

How: Contact the team at CompliReg. We are undertaking several reviews of policies, procedures and manuals in light of the recent changes made to Irish AML/CTF law. We have tracked the changes in our consolidation of the 2010 Act up until and including Act No 3 of 2021. Contact the team at [email protected] with your business contact details for a discussion of a review.

Further Reading:
Money Laundering - Amendments to implement 5th AMLD into Ireland (18 March 2021)​