ANTI-MONEY LAUNDERING
An Irish update David Potts reviews the impact of the latest anti-money laundering regulations in the Republic of Ireland. David Potts Director of Operations, AIA
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ccountants in the Republic of Ireland are key gatekeepers for the financial system, facilitating vital transactions that underpin the Irish economy. They play an important role in keeping citizens and society safe from money laundering and terrorist financing and have a significant role to play in ensuring that their services are not used to further a criminal purpose. Accountants’ day-to-day work will be affected by the new regulations, which respond to public calls to counter terrorist financing and address significant lack of beneficial ownership transparency, as well as acting to implement the EU Fifth Anti-Money Laundering Directive. Whilst many of the changes will not directly affect accountancy firms in Ireland, such as an expansion of the scope of the regulated sector, there are key areas that firms and individuals must address in their policies and procedures; namely, changes to due diligence regulations and high-risk factors.
New legislation
On 22 April 2021, the Minister for Justice in the Republic of Ireland signed a commencement order in respect of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021. The Act amends the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the 2010 Act) and transposes the Fifth Anti-Money Laundering Directive into Irish law. Although the Act transposes most of the new elements of Fifth Anti-Money Laundering Directive, regulations outline in more detail requirements in respect of the register of beneficial ownership of express trusts, which amend the 2010 Act s 35, and in respect of prominent public functions under s 37(12).
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ISSUE 117 | AIAWORLDWIDE.COM
