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AML Legislation in Ireland

Mike and Colm look at the acts that drive AML Legislation in Ireland. They will be looking at this topic in more detail at the Irish Accounting and Tax Summit Starting Next Tuesday, June 16.

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AML Legislation

Transcript of Video – AML Legislation in Ireland

This transcript was created using AI and may contain some mistakes.

So as far as the legislation goes, so this is the suite of AML legislation that we have in Ireland at the moment. So we have the, the criminal justice act 94 and 2003. Uh, but the, the majority of our, um, of our legislation is driven by these three acts here. So we have the criminal justice act, 2010,

uh, criminal justice, which brought in this whole new suite of, of, um, of AML legislation, 2013 acts that, that strengthened the enforcement of AML. And it also introduced the concept of privileged reporting, which will be, we’ll be talking about as we, as we go along. And then we have the criminal justice, what is called bill?

There should be act, but the criminal justice act of 2018 and that’s implemented the provisions of the fourth directive in Ireland. So from, from a, uh, the, the driving force for AML legislation in Ireland is EU directives. And they get enacted across all the EU member States. And it’s up to each EU member States to enact the directive. So at the moment in Ireland,

we are on the, on the fourth EU directive. I mentioned earlier that we are currently, we currently have legislation that’s at the bill stage, and that’s going to implement, I think the fifth, if not the fifth and sixth, fifth, and sixth, they’re going to be implemented together. The good news is there’s not going to be a whole lot of change,

but there will be new legislation in effect.