The executive body of the Irish Government – the Cabinet, officially approved a bill giving effect to the EU Fifth Anti-Money Laundering (AML) Directive, according to a Thursday, January 3, 2019 report by the Irish Times.
Charlie Flanagan, the Justice and Equality Minister, received the Cabinet approval on January 3 for the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019. The bill commutes several provisions of the Fifth EU AML Directive.
The bill will reinforce the existing AML legislation, and it includes the following provisions to broaden the ambit of designated organs under the existing legislation; include a number of technical amendments to other provisions of the Acts already in force; preclude risks colligated with the use of cryptos for terrorist funding and reducing the use of prepaid cards; forestall credit and financial institutions from creating anon safe-deposit boxes; ameliorate the precautions for money transactions to and from high-risk third nations; and heighten the customer due diligence (CDD) needs of the existing legislation.No Tolerance for Criminals
The Bill further allows for provisions that are not needed by the Directives but will underprop CAB and An Garda Síochána concerning their authority to access all bank records and the brass of their functions pertaining to AML.
Speaking on the new bill, Flanagan revealed:
“This is yet another key piece of legislation for tackling money-laundering (ML). The reality is that ML is a crime that enables grave criminals and terrorists to operate, destroying lives in the process. Criminals seek to exploit the EU’s open borders and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the Fifth EU ML Directive.”
The Garda Síochána...