For News of Irish anti-money laundering and compliance issues please also visit www.complianceireland.com/News.html, http://www.complianceireland.com/HotTopics.html and http://www.complianceireland.com/Resources.html#AMLBILL.
This webpage is intended to track Irish AML/CFT specific issues. Visitors should also visit on a regular basis www.fatf-gafi.org to keep up to date with international AML/CFT issues.
21 July 2010 - Financial Regulator posts notice that following the Minister for Justice and Law Reform’s signing of a Commencement Order, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is in force from 15 July 2010. The new Act transposes the Third Money Laundering Directive (2005/60/EC) and its Implementing Directive (2006/70/EC) into domestic law, bringing Ireland into line with EU requirements and the recommendations of the Financial Action Task Force. For full announcement, go to http://www.financialregulator.ie/processes/anti-money-laundering/Pages/WhatsNew.aspx?ListID=39be8f14-7392-41d0-bf89-d74c6d8f99ee&ListItemID=14
17 June 2010: Department of Justice and Law Reform announces registration requirements for Trust & Company Service Providers and Private Members Gaming Clubs. Go to http://www.antimoneylaundering.ie/downloads/Justice-AML-TCSP-Casino-registration-by-20100715.pdf to read more.
10 May 2010: Minister for Justice announces signing into law of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Go to http://www.complianceireland.com/documents/Ahern-Welcomes-Anti-Money-Laundering-Laws-20100510.pdf to read more.
14 January 2010: Following on from the publication on 28 July 2009 of the Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009, the Select Committee completed its consideration of the Bill. A new version of the Bill was published on 14 January 2010. Go to http://www.antimoneylaundering.ie/3MLDir.html to read more.
31 October 2009: The Office of Fair Trading in the United Kingdom supervises estate agents and consumer credit businesses for the purposes of anti money laundering. It has reminded these businesses of the requirement to be registered with it by 31 January 2010 and has published a revised version of its Frequently Asked Questions documents. Click here for a copy of the document.
10 October 2009: The 2nd Electronic Money Directive has been published in the EU Official Journal. With effect from 30 October 2009, it amends the definitions of Credit Institution and Financial Institution laid out in the Banking Consolidation Directive (2006/48/EC), removing Electronic Money Institutions from the definition of Credit Institution and adding 'issuing electronic money' as point 15 to Annex 1 which sets out the activities which define a Financial Institution. Click here for the text of the Directive.
In considering its definition of Designated Person, the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 makes use of these definitions by reference. However, the reference for Financial Institutions refers to certain activities only and doesn't refer to the full Annex. Unless updated, this could have the effect of removing Electronic Money Institutions from the definition of Designated Person in the Bill (unless such institutions also fall under another heading).
1 October 2009: European Court of Justice publishes judgement against Ireland for failing to transpose 3rd AML Implementing Directive.
The European Court of Justice has published its judgement in the case taken against Ireland by the European Commission declaring that Ireland has failed in its duty to transpose the 3rd AML Implementing Directive (Directive 2006/70/EC) into domestic Irish legislation by 15 December 2007. As with the 3rd AML Directive (Directive 2005/60/EC) itself, the provisions of the Implementing Directive have been incorporated into the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 which was introduced in July 2009 but which still remains at an early stage of the legislative process. Click here for the current status of the Bill. Click here for a copy of the ECJ judgement against Ireland.
Compliance Ireland has uploaded the Bill, the Explanatory Memorandum, a detailed note issued by the Minister and the Minister's Press Release at http://www.complianceireland.com/Resources.html#AMLBILL
with a link also from www.antimoneylaundering.ie for readers.
27 April 2009: The Financial Services Authority in the UK has published a report which sets out its findings on firms’ compliance with UK financial sanctions requirements. The report concludes that there are inadequacies in firms’ systems and controls on reducing the risk of breach of UK financial sanctions. The FSA states that firms need to enhance their systems and controls, and small firms in particular should improve their awareness of the regime. Click here to upload the report.
24 April 2009: Two directors of an Irish financial business gulity of money laundering: To read more about the cases of Ted Cunningham (convicted by jury) and Timothy Cunningham (convicted by admission of guilt) go to http://www.complianceireland.com/HotTopics.html .
29 October 2008: Although not an Irish case, we feel that the importance of the FSA's decision to fine personally a UK Money Laundering Reporting Officer £17,500 for failures to implement adequate AML/CFT systems and controls deserves a mention. On 29 October 2008, the UK FSA fined both Sindicatum Holdings Limited (SHL) £49,000 (Euro 62,450 / USD 80,650 / AUD 118,400) and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 (Euro 22,300 / USD 28800/ AUD 42,300) for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This is the first time the FSA has fined a money laundering reporting officer. The FSA found a number of failings including:
§ the firm failed to implement adequate procedures for verifying the identity of its clients;
§ it failed to verify adequately the identity of a significant number of its clients;
§ it failed to keep adequate records with regard to the verification of the identity of its clients; and
§ Mr Wheelhouse failed to take reasonable steps to implement adequate procedures for controlling money laundering risk.
Read Compliance Ireland's Briefing Note in pdf at http://www.complianceireland.com/documents/FSA_fines_MLRO_20081029_Final.pdf
Read the Final Notice in respect of Michael Wheelhouse at http://www.complianceireland.com/documents/michael_wheelhouse_MLRO_fine_20081029.pdf
Read the Final Notice in respect of SHL at http://www.complianceireland.com/documents/sindicatum_fine_20081029.pdf
Read the FSA press release at http://www.complianceireland.com/documents/FSA_Library_Communication_PR_2008_125.pdf
16 October 2008: The EU Commission announced on 16 October 2008 that Ireland, Belgium, Spain and Sweden have been referred to the European Court of Justice over non-implementation of the 3rd Anti-Money Laundering Directive. The transposition deadline for the Directive was 15 December 2007. Please go to www.complianceireland.com/HotTopics.html. If you wish to know more about how the EU infringement procedures operate, go to http://ec.europa.eu/community_law/infringements/infringements_en.htm
15 October 2008: Compliance Ireland's 5/2008 (October 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_October08_web.pdf - there is no specific news on AML/CFT in this newsletter.
22 August 2008: Compliance Ireland's 4/2008 (August 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_August08_web.pdf - there is no specific news on AML/CFT in this newsletter.
31 July 2008: Compliance Ireland's 3/2008 (July 2008) Newsletter available at http://www.complianceireland.com/documents/CI_Newsletter_July08.pdf contains latest news on AML /CFT in Ireland and the UK..
FATF e-News - July 2008
This edition of FATF's e-News (http://www.fatf-gafi.org/dataoecd/57/19/41094921.pdf) covers a number of issues, including:
- Vulnerabilities of commercial websites and internet payment systems;
- Guidance notes on taking a risk-based approach for accountants, precious metals dealers, auctioneers and trust and company service providers ;
- Combating trade-based money laundering.
18 July 2008: Ireland warned on EU money-laundering laws
Ireland has been formally warned by the European Commission to implement new money laundering legislation or face legal action. EU Internal Market Commissioner Charlie McCreevy wrote to 15 out of the 27 EU member states instructing these to implement the EU's Third Money Laundering Directive. Ireland together with Austria, Belgium, Czech Republic, Germany, France, Greece, Latvia, Luxembourg, Malta, Netherlands, Poland, Slovakia, Sweden and Spain received the warning. For more go to www.complianceireland.com/HotTopics.html
20 June 2008: Chairman's Summary of the FATF Plenary Meeting in London - 18-20 June 2008
At a recent plenary meeting (http://www.fatf-gafi.org/dataoecd/50/1/40879782.pdf) of the Financial Action Task Force, the organisation resolved to take a number of further steps to protect the international financial system from abuse.
30 May 2008: Irish Government launches Anti-Corruption Website - A new website www.anticorruption.ie has been launched by the Minister for Justice, Equality and Law Reform. It's aim is tackling bribery and corruption and it is a Cross-Departmental approach by the Irish Government to raise awareness of bribery and corruption. Click here for the Press Release on the launch of the website.
12 February 2008: New Scheme for an Irish anti-money laundering law, to be known as the Criminal Justice (Money Laundering) Act 2008 available at