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IRELAND ENFORCES STRONG ANTI-MONEY LAUNDERING REGULATIONS

Ireland’s anti-money laundering (AML) and countering the financing of terrorism (CFT) legislation is robust, reflecting international standards set by the Financial Action Task Force (FATF). The primary piece of legislation governing AML/CFT in Ireland is the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended.

Key Responsibilities

The Central Bank of Ireland is responsible for monitoring and supervising financial and credit institutions’ compliance with their AML/CFT obligations.
Designated persons are required to:
- Apply customer due diligence (CDD) requirements
- Identify beneficial owners
- Implement a risk-based approach to AML/CFT

Key Features of the CJA 2010

The act includes definitions of money laundering offenses, identification of beneficial owners and politically exposed persons (PEPs), reporting and record-keeping requirements, and monitoring and supervision by the Central Bank. The act also sets out legal provisions for effective implementation of international standards relating to AML and CFT.

Relevant Legislation in Ireland

Criminal Justice (Terrorist Offenses) Act 2005: created a new offense of financing terrorism
European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019
European Union (Information Accompanying Transfers of Funds) Regulations 2017

Purpose and Effectiveness

These regulations aim to prevent the use of Ireland’s financial system for money laundering and terrorist financing purposes. The country’s AML/CFT framework is designed to ensure that financial institutions, including banks, credit unions, and other entities, are vigilant in detecting and preventing suspicious transactions.

European Union Efforts

Ireland’s anti-money laundering regulations are part of a broader effort by the European Union to combat financial crime and maintain financial stability across its member states.