On 28 April, the Oireachtas (the Irish parliament) passed legislation implementing the 2005 Third Money Laundering Directive. The Criminal Justice (Money Laundering & Terrorist Financing) Bill is likely to be signed into law by the President by the end of the first week of May, more than two years after the deadline for implementation. The new law will replace the existing fragmented Anti-Money Laundering and Counter-Terrorist Financing legislation. In addition to defining the relevant offences, the new Act will contain detailed provisions on due diligence, record-keeping and reporting obligations applying to a variety of financial institutions and other bodies. It seems that these bodies will be given a short time – likely to be a maximum of three months – to adapt their current procedures to the new regime. We will be providing a detailed briefing on this important measure next month.