Money laundering bill reaches second stage in the Dáil

Legislation to transpose most of the Fourth EU Money Laundering Directive into Irish law reached the second stage in the Dáil yesterday.

Justice Minister Charlie Flanagan told TDs that the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018 would build on the “already robust and extensive anti-money laundering laws in place in Ireland”.

However, he said the new legislation “will update and enhance that framework, and will address many of the remaining gaps”.

Under the proposed law, affected businesses must assess the risks of money laundering and terrorist financing involved in carrying out their businesses.

It also expands requirements on Irish companies to ensure that their subsidiaries overseas apply high anti-money laundering standards.

If a group implements policies and procedures properly, its subsidiaries are not subject to some restrictions that normally apply in respect of high-risk third countries.

Mr Flanagan told the Dáil: “In conclusion, this Bill is of great importance. By enhancing Ireland’s already extensive money laundering regime, it will act as a further tool to combat global organised crime, to protect our financial system, and to ensure that we meet the highest international standards.”