IRELAND’S BATTLE AGAINST MONEY LAUNDERING AND TERRORIST FINANCING: A GUIDE TO THE LATEST DEVELOPMENTS AND STRATEGIES
As Ireland continues to face the threats of money laundering (ML) and terrorist financing (TF), it is essential that professionals, policymakers, and the general public stay informed about the latest developments and strategies. This evolving document aims to provide a comprehensive overview of the country’s efforts to combat these risks.
Register of Beneficial Ownership: A Key Tool in the Fight Against ML and TF
The Fourth and Fifth Money Laundering Directives require Member States, including Ireland, to maintain registers recording the beneficial owners of companies and trusts. The Companies Registration Office (CRO) has already established a central register for companies, while trustees are required to hold internal registers for trusts.
Solicitors’ Role in Combating ML and TF
As legal professionals, solicitors play a crucial role in preventing ML and TF. They must ensure that they comply with anti-money laundering (AML) regulations and implement effective customer due diligence (CDD) procedures. The Law Society has developed an interactive infographic to help solicitors navigate the complex process of establishing registers of beneficial ownership.
Submissions and Resources
The Law Society has made several submissions during the transposition consultation period, including recommendations on draft regulations and submissions on access to the register of beneficial ownership of trusts. A variety of resources are available to assist solicitors in their AML obligations, including:
- eZine articles
- Bulletins
- Gazette articles
Client Care Leaflet
The Law Society’s Client Care leaflet provides a helpful guide for solicitors when explaining their statutory AML obligations to clients.
Contact the Law Society for Assistance
Practitioners can contact the Policy Development team at aml@lawsociety.ie for guidance on interpreting their AML obligations and best practice principles.
Updates and Future Developments
This document will be updated periodically to reflect changes in legislation, regulations, and strategies. Stay informed about the latest developments in Ireland’s fight against ML and TF by visiting this page regularly.
Key Resources
- Department of Finance (Anti-Money Laundering/Counter Terrorism Financing)
- Companies Registration Office (CRO) resources
- Revenue Commissioners (RC) resources
- Law Society eZine articles, bulletins, and Gazette articles