Law firm Walkers, on 8th August, published a briefing on the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018, expected to become law in Ireland in November.  It will give effect to the 4th Money Laundering Directive.  The Bill includes provisions that extend the scope of AML/CFT law, require a risk assessment approach, extend CDD requirements to domestic PEP, give additional powers to the competent authorities and require a central beneficial ownership register to be maintained – the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations in November 2016 (S.I. 560/2016) having already required incorporated entities to maintain an internal register of beneficial owners.  A separate order is expected to make providers of gambling services in the bookmaking and online gambling designated persons for AML/CFT purposes.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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