Ireland sets new money laundering laws

Legislation aiming to tackle money laundering has been brought into effect in Ireland.

Ireland.- Justice Minister Charlie Flanagan has signed two statutory instruments starting the provisions of the Criminal Justice Act 2018, aimed at fighting money laundering. Bookmakers and online gambling providers are included in this amendment.

The new Act forces designated institutions to carry out due diligence tests to verify users’ identity and assess risk. It also set gambling services providers as designated persons under the legislation, and they will be obliged to report suspicious transactions and comply with other obligations. The customer due diligence requirements are only applied where the money paid to the customer or paid by the customer exceeds the €2000 mark.

“This legislation is really important. Money laundering is a crime that helps serious criminals and terrorists to function, destroying lives in the process,” said Flanagan. He added that the government is committed to systematically tackle corruption and organised crime: “Criminals seek to exploit the EU’s open borders and this EU-wide measure is really important for that reason.”