The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (“Act”) was signed into law on 18 March 2021. A commencement order has now enacted all the provisions of the Act. Further, a second order enacted provisions for disclosure of beneficial ownership of trusts and a central register for beneficial ownership of trusts.
The purpose of the new legislation is to give further effect to domestic obligations under the Fifth Anti Money Laundering Directive. The aim of the directive is to respond to evolving trends in terrorism financing and beneficial ownership transparency. The legislation also provides for related matters. To read this please click here.
For a summary of the changes please click here.