New AML Legislation

 

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 was signed into law by the President on 18 March 2021. It is expected that the legislation will commence shortly.

The primary purpose of the Act is to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 in order to transpose, in part, Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, into national law. It improves the safeguards for financial transactions to and from high-risk third countries and sets new limits on the use of anonymous pre-paid cards; brings a number of new ‘designated bodies’ under the existing legislation; enhances the customer due diligence requirements; prohibits credit and financial institutions from creating anonymous safe-deposit boxes; provides for the issuing of Ministerial guidance in relation to ‘prominent public functions’ in respect of politically exposed persons (PEPs) and includes a number of technical amendments to other provisions of the Act.