Publication
Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018
Published on
Last updated on
Published on
Last updated on
The Act, which transposes most provisions of the Fourth Anti-Money Laundering Directive, was signed by the President on 14th November and a Commencement Order, signed by the Minister, for all sections (other than section 32) came into effect from 26 November.
The Act extends and adds to obligations in existing legislation on financial institutions and other businesses relating to anti-money laundering, such as carrying out customer due diligence and reporting suspicious transactions.
Significant provisions of the Bill include those relating to the powers of the Garda Financial Intelligence Unit, and the extension of provisions requiring enhanced due diligence to be applied to politically exposed persons (PEPs) to Irish PEPs.