Proposed Changes to Anti-Money Laundering Legislation, Feb 2013

19-02-2013

The Third Anti-Money Laundering Directive (Directive 2005/60/EC) of 26 October 2005 (the “Third AMLD”) was implemented into Irish law by way of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “2010 Act”). The European Commission (the “Commission”) published a review of the Third AMLD in April 2012 and the Financial Action Task Force (“FATF”) has been working to update and strengthen existing international standards – FATF published a revised set of recommendations in February 2012 and will begin the process of evaluating the conformity of jurisdictions to those standards towards the end of 2013. FATF is an inter-governmental body with 36 members in which 180 countries participate and the Commission was one of its founding members. The Commission has recently proposed a fourth anti-money-laundering directive and the Minister for Justice has recently published the draft Criminal Justice (Money Laundering and Terrorist Financing) Bill 2013 each of which, amongst other matters, are designed to bring both the European and Irish AML frameworks into line with the FATF recommendations. This Briefing summarises both proposals.

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