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Ireland’s Quest to Combat ML/TF Risks: An Evolving Document
As Ireland continues its efforts to combat money laundering (ML) and terrorist financing (TF), it is essential to stay informed about the latest developments and strategies in place to mitigate these risks. This article aims to provide an overview of the current landscape, highlighting key initiatives, regulations, and resources available to solicitors and other professionals.
Registers of Beneficial Owners
The Fourth and Fifth Money Laundering Directives require Member States to maintain registers recording the beneficial owners of companies and trusts. In Ireland, the Companies Registration Office (CRO) and the Revenue Commissioners are responsible for establishing these registers.
Companies
- The central register of beneficial owners of companies was established on July 29, 2019.
- Companies were required to comply by November 22, 2019.
Trusts
- A central register has not yet been established.
- Trustees should maintain internal records until further notice.
Submissions and Representations
The Law Society has made several submissions during the transposition consultation period, including recommendations on draft regulations for beneficial ownership of trusts and access to the register of beneficial ownership of trusts.
AML eZine Articles and Bulletins
The Law Society’s AML eZine articles, bulletins, and Gazette articles provide valuable resources for solicitors and other professionals. Key topics include:
- Terrorist Financing: An article published in the March 2016 Gazette highlights the importance of combating terrorist financing.
- Fraud Warning: The May 2016 eZine featured a fraud warning, reminding solicitors of their obligations under anti-money laundering legislation.
Client Care Leaflet
The Law Society’s Client Care leaflet provides guidance on solicitors’ obligations under anti-money laundering legislation. This resource may assist practitioners when explaining to clients that they are subject to statutory AML obligations.
Contact Us
For assistance in interpreting your AML obligations, please do not hesitate to contact the Policy Development team at aml@lawsociety.ie.
Update Schedule
This document will be updated periodically to reflect changes and developments in Ireland’s ML/TF landscape. Stay informed by bookmarking this page or subscribing to our newsletter for the latest updates.
By staying vigilant and adapting to emerging trends, we can work together to combat money laundering and terrorist financing risks in Ireland.