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IRELAND TIGHTENS SCREWS ON MONEY LAUNDERING: KNOW THE LAWS

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Ireland has strengthened its measures to prevent money laundering and terrorist financing, as required by international organizations. The country’s anti-money laundering laws aim to combat the processing of criminal proceeds, disguising their illegal origin.

What is Money Laundering?

Money laundering is the concealment of illegally obtained funds to make them appear legitimate. It is a serious crime that can lead to severe penalties, including up to 14 years in prison and an unlimited fine.

Who Must Guard Against Money Laundering?

A range of professionals and businesses are required by law to prevent money laundering and terrorist financing. These include:

Auditors
Tax advisers
Lawyers
Trust or company service providers
Property developers
Casinos
Credit institutions
Financial institutions
Traders of goods or works of art

What Must Designated Persons Do?

Designated persons must:

Carry out risk assessments
Apply customer due diligence
Report suspicious transactions to the authorities
Have specific procedures in place to prevent money laundering and terrorist financing
Identify customers or beneficial owners
Provide proof of identity when opening bank accounts

Compliance is Key

The Central Bank of Ireland, designated accountancy bodies, the Law Society of Ireland, the Legal Services Regulatory Authority, and the Property Services Regulatory Authority monitor designated persons and ensure compliance with anti-money laundering requirements. Businesses that fail to comply can face severe penalties.

Stay Informed, Stay Compliant

To stay ahead of money laundering threats, businesses and individuals must be aware of their obligations under Irish law. By understanding the laws and regulations surrounding money laundering, Ireland can better combat this serious crime and maintain its reputation as a stable and secure financial hub.