The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 was signed into law on the 14th November 2018. The Act amends the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to give effect to certain provisions of the 4th AML Directive.
The legislation increases the obligations on a range of entities, such as accountants, credit and financial institutions, lawyers, and high-value goods dealers, in relation to money laundering and terrorist financing. In particular, it imposes requirements on those entities relating to assessing the risks of money laundering and terrorist financing involved in carrying out their businesses; putting policies in place to mitigate that risk; and carrying out customer due diligence measures. The legislation also extends the definition of a “Politically Exposed Person” to include those resident in Ireland.
Accountancy firms are advised to review and update their policies and procedures to take account of these changes.
An explanatory memorandum is available here.