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Third Anti-Money Laundering Directive

Ireland was required to transpose the Third Anti-Money Laundering Directive, Directive 2005/60/EC, by 15 December 2007. It has now transposed the Directive, as the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was signed by the President on 5 May 2010. 

The Act provides for offences relating to money laundering in and outside the State.  In addition, it provides for: the registration of persons directing private members’ clubs; the amendment of the Central Bank Act 1942 and the Courts (Supplemental Provisions) Act 1961; the consequential repeal of certain provisions of the Criminal Justice Act 1994, the consequential amendment of certain enactments and the revocation of certain statutory instruments; and for related matters.

Work is continuing on the new Guidance Notes which will be divided into two parts.  The draft of Part 1, which has been published, contains core Guidance Notes and Part 2 will comprise individual Sectoral Guidance Notes including those applicable to life companies.  We understand that the final version of the new Guidance Notes will be provided to the Financial Regulator for final consultation before they are formally issued.