Tuesday, 13th November 2018
On 7 November, the Criminal Justice (Money Laundering and Terrorist Offences) (Amendment) Bill 2018 was passed by both Houses of the Oireachtas. The Bill implements the Fourth Money Laundering Directive. It will be signed into law by the President later this week and it is anticipated that a commencement order will follow shortly, with the legislation being operative by the end of the month, if not earlier. The text of the Bill as amended is not yet published. Last week, the Dáil voted to accept all of the Seanad's amendments (detailed here ) and some of which are summarised below.
- The requirement for a designated person to monitor customers with whom they have a business relationship. The amendment emphasises that monitoring of business relationships shall be informed by ML/TF risk.
- Conditions for Third Party Reliance. Currently, a designated person relying on a third party to carry out CDD on their behalf must be satisfied that the third party will provide them with appropriate documentation and relevant information. This amendment clarifies that the full rigour of the relevant rules will not apply in group situations.
- Reporting Obligation for high-risk third country transactions. The proposal to require designated persons to report all transactions relating to a Commission "high-risk third country" has been removed.
- Document Retention. An Garda Síochána may direct that documents and records are kept beyond the prescribed five year period. This amendment inserts a safeguard that such direction must be in writing.
- Gambling Services. There are amendments which require that any person directing a private members' gambling club and any beneficial owner of such a club must hold a certificate of fitness. The amendments set out an application procedure for this certificate of fitness.
