Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018

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Number 26 of 2018

CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) ACT 2018

CONTENTS

PART 1

Preliminary and General

1. Short title, commencement and collective citation

2. Definitions

PART 2

Amendment of Act of 2010

3. Amendment of section 2 of Act of 2010

4. Amendment of section 24(1) of Act of 2010

5. Amendment of section 25 of Act of 2010

6. Beneficial owner in relation to bodies corporate

7. Amendment of section 27 of Act of 2010

8. Amendment of section 28 of Act of 2010

9. Amendment of section 30 of Act of 2010

10. Risk assessment by designated persons

11. Amendment of section 33 of Act of 2010

12. Electronic money derogation

13. Simplified customer due diligence

14. Amendment of section 35 of Act of 2010

15. Examination of background and purpose of certain transactions

16. Amendment of section 37 of Act of 2010

17. Correspondent relationships with third-country respondent institutions

18. Enhanced customer due diligence - high-risk third countries

19. Enhanced customer due diligence in cases of heightened risk

20. Amendment of section 40 of Act of 2010

21. Functions of State Financial Intelligence Unit

22. Amendment of section 42 of Act of 2010

23. Amendment of section 44 of Act of 2010

24. Amendment of section 51 of Act of 2010

25. Amendment of section 52(2)(c) of Act of 2010

26. Internal policies, controls and procedures

27. Amendment of section 55 of Act of 2010

28. Amendment of section 56 of Act of 2010

29. Group-wide policies and procedures

30. Additional measures where implementation of policies and procedures is not possible

31. Relationships between certain institutions and shell banks

32. Amendment of section 62(1) of Act of 2010

33. Defence

34. Obligation for certain designated persons to register with Central Bank of Ireland

35. Managers and beneficial owners of private members’ clubs - certificates of fitness

36. Prescribed amounts under section 33AQ of Central Bank Act 1942 in respect of certain contraventions

37. Amendment of Schedule 2 to Act of 2010

38. List of factors which suggest potentially lower risk

39. List of factors which suggest potentially higher risk

40. Repeals

PART 3

Consequential Amendments

41. Consequential amendments

Acts Referred to

Central Bank Act 1942 (No. 22)

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6)

Criminal Justice (Theft and Fraud Offences) Act 2001 (No. 50)

Criminal Justice Act 2013 (No. 19)

Freedom of Information Act 2014 (No. 30)

Gaming and Lotteries Acts 1956 to 2013

Investment Intermediaries Act 1995 (No. 11)

Investor Compensation Act 1998 (No. 37)

Taxes Consolidation Act 1997 (No. 39)

Number 26 of 2018

CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) ACT 2018

An Act to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to give effect to certain provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015¹ on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, and to provide for related matters.

[14th November , 2018]

Be it enacted by the Oireachtas as follows:

¹ OJ No. L 141, 5.6.2015, p. 73