The Heads for the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012 (the "Bill") were approved by the Government on 6 June 2012 and are aimed at refining aspects of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "Act") in light of experience since its introduction in 2010.
The Bill was published to enable a consultation process with
relevant industry sectors before detailed
drafting commences. One of the items under consideration
in the Bill is an ability to rely on third parties based
in non-EU member states to carry out elements of
customer due diligence on behalf of Irish designated persons. It is
also proposed that wire transfers of funds €1,000
and greater will be included in the definition of an
'occasional transaction' and that the monetary threshold of
€15,000 be reduced to €2,000 for private
members' gaming clubs.
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Originally published 3rd July 2012.
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