KENNY WELCOMES PUBLICATION OF BILL TO TACKLE MONEY LAUNDERING AND TERRORIST FINANCING

Posted on February 1, 2013 11:54 AM   |   Permanent Link   

Dublin Bay North Labour TD Seán Kenny, today welcomed the publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, which is designed to deal with methods that criminals use to finance their activities. "The primary purpose of the Bill is to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, in order to align certain aspects more closely with international standards, and to amend some provisions to reflect operational requirements of the security forces." "The legislation is based on the 3rd EU Money Laundering Directive and the standards set by the Financial Action Task Force (FATF). It represented a radical overhaul of the anti-money laundering system which was first put in place in the mid 1990's and then reviewed and updated at various times. One of the key features of the 2010 legislation is that it increased the customer due diligence (CDD) measures which must be taken by banks and other financial institutions, accountants, tax advisers, legal professionals, estate agents, trust or company service providers or others to whom the Act applies, i.e. designated persons." "There are also obligations to report suspicions of money laundering or terrorist financing to An Garda Síochána and the Revenue Commissioners and to ensure that there are specific procedures and policies in place to reduce the risks of money laundering." "All of this shows that the legislation we have in place to counter money laundering is robust and effective. I am confident that the enactment of this Bill will enable Ireland to enhance its compliance with FATF standards, it also provides an opportunity to introduce some changes to reflect the experience of the operation of the system since 2010."