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Money Laundering in Ireland: What You Need to Know
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Ireland has strict laws in place to combat money laundering, which involves disguising the illegal origin of criminal proceeds. The country has also implemented recommendations from the Financial Action Task Force (FATF), an international organization aimed at preventing money laundering and terrorist financing.
What is Money Laundering?
Money laundering occurs when someone processes or disguises cash and assets obtained through criminal activities to hide their illegal origins. This illegal activity can have severe consequences, including fines and imprisonment of up to 14 years.
Who is Required by Law to Guard Against Money Laundering?
In Ireland, certain individuals and businesses are required by law to prevent their operations from being used for money laundering or terrorist financing. These “designated persons” include:
- Auditors, external accountants, tax advisors, and other professionals who provide financial assistance
- Independent legal professionals involved in specific transactions
- Trust and company service providers
- Property service providers handling monthly rents exceeding €10,000
- Casinos
- Credit and financial institutions (with some exceptions)
- Providers of gambling services, including bookmakers and online gambling companies
- Directors of private members clubs with gambling facilities
- Service providers for virtual assets
- Traders of goods or works of art receiving cash payments over €10,000
What Do Designated Persons Have to Do?
Designated persons must:
- Conduct risk assessments on their business operations
- Apply customer due diligence (identifying customers and beneficial owners)
- Report suspicious transactions to An Garda Síochána (Financial Intelligence Unit) and the Revenue Commissioners
- Establish specific procedures to prevent money laundering and terrorist financing
Customer Due Diligence
To prevent businesses from being used for criminal activities, designated persons must conduct customer due diligence. This includes identifying customers or beneficial owners and reporting suspicious transactions.
Opening a Bank Account in Ireland
If you plan to open a bank account in Ireland, be prepared to provide proof of your identity and answer questions about the origin of funds and nature of your business.
More Information
For more information on money laundering laws in Ireland, visit [insert link]. The 2010 Act also establishes several competent authorities that monitor designated persons and ensure compliance with anti-money laundering requirements.