Anti-money laundering bill to be introduced by the Irish government

Irish government gives green light to anti-money laundering bill, The Irish Times reported on Jan. 3. The Bill is the response to the fifth EU money laundering directive, which needs to be incorporated into national laws by all the EU countries by Jan. 20, 2020.

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 aims to strengthen existing money laundering legislation. The Bill is going to affect cryptocurrencies, as the new legislation includes restrictions on the use of “virtual currencies for terrorist financing and limiting the use of pre-paid cards.”

Minister for Justice Charlie Flanagan says in his statement: “The reality is that money laundering is a crime that helps serious criminals and terrorists to function, destroying lives in the process. Criminals seek to exploit the EU’s open borders and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the fifth EU money laundering directive. ‘’

Under the new Bill, the creation of anonymous safe deposit boxes will no longer be allowed. Moreover, the new legislation will also give the Garda, Irish police, and Criminal Assets Bureau the access to bank records in case of a money laundering.