The Minister for Justice and Law Reform ("the Minister") has recently made a number commencement orders under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ("the Act").
In S.I. No. 342 of 2010, the Minister exercises his power under section 1(2) to commence the Act on the 15th day of July 2010.
In S.I. No. 343 of 2010, the Minister exercises his power under section 31(1) of the Act to designate places that, he is satisfied, impose requirements equivalent to those specified in the Third Money Laundering Directive.
In S.I.s No. 347 and 348 of 2010, the Minister provides for the authorisation of trust and company service providers and sets the fees at €130 for an application for an authorisation. This is not relevant to member firms or members in practice, who will be supervised by CARB under the Act.
The statutory instruments are available for download by clicking here.
Chartered Accountants Ireland, in conjunction with CCAB-I, intends to issue revised AML guidance based on the new legislation shortly.