Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
The President of Ireland signed the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 into legislation on 5 May 2010, with the legislation becoming effective from 15 July 2010.
This Act does not change the definition of money laundering; it broadens it to include the proceeds of criminal conduct. It also introduces new obligations on ‘designated persons’ under the Act and revolutionises the approach to money laundering verification checking in Ireland. The importance of a team of specialists to assist with this implementation and ongoing performance reviews thereafter cannot be over estimated.
We are ready. Are you?