Money Laundering Act commenced

The Department has confirmed that the Minister for Justice signed the Commencement Order in respect of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (the Act) on 22 April. 

The Order provides that all of the provisions of the Act, save for section 8, come into effect on 23 April. 

Among the key provisions commenced is the extension of anti-money laundering and counter-terrorist financing (AML/CFT) obligations to Virtual Asset Service Providers (VASPs) as of 23 April. VASPs are now required to register with the Central Bank for AML/CFT purposes . VASPs established in Ireland and carrying on business as a VASP immediately prior to 23 April have three months to apply to the Central Bank for registration. 

Section 8, which places a new obligation on designated persons to consult the central register of beneficial ownership prior to the establishment of a business relationship, came into force on 24 April.

We have also been informed that the Minister for Finance issued regulations in respect of the central register of beneficial ownership of express trusts on 23 April.

At the time of writing, neither the Commencement Order nor these regulations have been made available publicly, but they are expected to be published shortly on the electronic Irish Statute Book.

For further detail on the amendments to the AML/CFT regime introduced by the new Act, see our previous Bulletin article here.  For more information please contact Paula Reid, Partner or a member of the A&L Goodbody's Knowledge team.

Date published: 27 April 2021