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Ireland Confronts ML and TF Risks: A Growing Concern
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Ireland is taking steps to enhance its anti-money laundering (AML) and counter-terrorist financing (TF) framework to combat Money Laundering (ML) and Terrorist Financing (TF). The Law Society of Ireland has been at the forefront of this initiative, providing guidance and support to solicitors navigating the complex regulatory landscape.
Registers of Beneficial Owners: A Key Step Forward
As part of the Fourth and Fifth Money Laundering Directives, Ireland is required 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 currently holding information on internal registers pending the introduction of a central register.
Key Points:
- The CRO has established a central register for companies
- Trustees hold information on internal registers pending the introduction of a central register
Solicitors’ Role in AML Compliance
As solicitors provide legal services to entities subject to these regulations, they must ensure that their clients comply with the requirements. The Law Society’s interactive Infographic simplifies the process, guiding solicitors through the incremental steps necessary to establish registers of beneficial ownership.
Key Steps:
- Establishing registers of beneficial ownership
- Ensuring client compliance with AML requirements
Recent Developments and Submissions
The Law Society has made several submissions during the transposition consultation period, including recommendations on draft regulations and access to the register of beneficial ownership of trusts. The Society has also published articles and bulletins on AML and TF, highlighting the risks associated with these crimes and providing guidance on best practices.
Key Submissions:
- Recommendations on draft regulations
- Access to the register of beneficial ownership of trusts
Client Care Leaflet: Educating Clients
To assist solicitors in explaining their statutory AML obligations to clients, the Law Society has developed a Client Care leaflet. This resource provides valuable information on the importance of AML compliance and the role that solicitors play in this process.
Key Points:
- Importance of AML compliance
- Role of solicitors in AML compliance
Seeking Guidance
The Law Society is committed to supporting practitioners navigating the complexities of AML and TF regulations. Practitioners can contact the Policy Development team for assistance in interpreting their AML obligations and staying up-to-date with best practices.
Contact Information:
Email: aml@lawsociety.ie Phone: [insert phone number] Website: www.lawsociety.ie
Evolving Document: Staying Ahead of ML and TF Risks
This article will be updated periodically to reflect changes in legislation, regulatory developments, and emerging threats in the area of ML and TF. By staying informed and proactive, solicitors can play a vital role in preventing these crimes and maintaining Ireland’s financial integrity.
Stay Informed:
- Periodic updates on changes in legislation and regulations
- Best practices for AML compliance
Contact Us
For more information or to seek guidance on AML and TF regulations, please contact:
Email: aml@lawsociety.ie Phone: [insert phone number] Website: www.lawsociety.ie