Financial Crime World

Ireland Tightens Grip on Terrorist Financing Regulations

Introduction

In an effort to strengthen its anti-money laundering and countering the financing of terrorism (AML/CFT) laws, Ireland has introduced a series of new regulations aimed at combating illicit financial flows.

The Primary Legislation: Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010), as amended by Part 2 of the Criminal Justice Act 2013 and the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, is the primary piece of legislation governing AML/CFT in Ireland.

Key Obligations for Designated Persons

According to experts, the CJA 2010 sets out a wide range of obligations for designated persons, including:

  • Credit and financial institutions: to identify beneficial owners behind customers
  • Reporting suspicious transactions
  • Maintaining internal policies and procedures

“The CJA 2010 is a critical piece of legislation that has strengthened Ireland’s anti-money laundering regime,” said a senior regulator. “It requires financial institutions to take a more proactive approach to identifying and mitigating money laundering risks.”

Additional Regulations

In addition to the CJA 2010, other key regulations governing AML/CFT in Ireland include:

  • European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019: require companies to maintain registers of beneficial owners
  • European Union (Information Accompanying Transfers of Funds) Regulations 2017: require financial institutions to obtain and verify information about the payer and payee in cross-border transactions

Expert Opinion

According to experts, the new regulations demonstrate Ireland’s commitment to combating money laundering and terrorist financing and strengthening its anti-money laundering regime.

“Ireland has taken a significant step forward in strengthening its AML/CFT laws,” said a senior expert. “The new regulations will help to prevent illicit financial flows and protect the integrity of the Irish financial system.”