On 5 February 2013 the European Commission adopted two new proposals in the fight against money laundering, tax evasion and terrorist financing. One of these proposals was a directive on the prevention and use of the financial system for the purpose of money laundering and terrorist financing – the Fourth AML Directive.
The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 will come into effect in New Zealand on 30 June 2013.
On 6 June last, the Irish Government published the Heads of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012 (“the Bill”). The purpose of this Bill is to refine interpretations of the underlying EU Third AML Directive which was transposed into Irish Law by way of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“the Act”).
An “MLRO” is a Money Laundering Reporting Officer. In Ireland this nominated person is responsible for ensuring that transactions that arouse suspicions of money laundering or terrorist financing are reported to the Garda Siochana (the Irish Police) and the Revenue Commissioners.
In our blogs published on 4 July and 15 August last, we provided an overview of the anti-money laundering legislation that has been introduced in Ireland and the different levels of customer due diligence (CDD) that can be applied.
In our blog post published on 15 August, we indicated that in accordance with the EU Third AML Directive and the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, Enhanced Customer Due Diligence (ECDD) should be applied in respect of a business relationship, or occasional transaction, with a Politically Exposed Person, or PEP.
As mentioned in our blog on 4th July, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was enacted in July 2010.
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was enacted into Irish law in July 2010 to update Irish anti-money laundering and terrorist financing legislation and bring it in line with the requirements of the EU Third AML Directive. The new legislation requires Firms and persons subject to its provisions (referred to as “designated persons”) to move to a risk-based approach in identifying clients or customers.
© 2014 Pearse Trust