The Minister for Justice has signed the Commencement Order in respect of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (the Act).
The Order provides that all of the provisions of the Act, save for section 8, came into effect on 23 April.
Among the key provisions commenced is the extension of anti-money laundering and counter-terrorist financing (AML/CFT) obligations to Virtual Asset Service Providers (VASPs) as of 23 April. VASPs are now required to register with the Central Bank for AML/CFT purposes . VASPs established in Ireland and carrying on business as a VASP immediately prior to 23 April have three months to apply to the Central Bank for registration.
Section 8, which places a new obligation on designated persons to consult the central register of beneficial ownership prior to the establishment of a business relationship, came into force on 24 April.
The Minister for Finance has also issued the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021, which came into effect on 24 April. These new regulations establish a Central Register of Beneficial Ownership of Trusts, which will be maintained by the Revenue Commissioners. The European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2019 are also revoked in their entirety. We will be commenting further on these new regulations in the coming days.
For further detail on the amendments to the AML/CFT regime introduced by the new Act, see our previous Bulletin article here.
