The Third Anti-Money Laundering Directive was transposed into
Irish law on 5 May, 2010 by the Criminal Justice (Money Laundering
and Terrorist Financing) Act, 2010 (the "CJA Act 2010")
and has been effective as of 15 July, 2010.
The Central Bank of Ireland (the "Central Bank") is
continuing to meet with the various industry representative bodies
to review the draft Core Guidance Notes. The topic of reliance on
third parties particularly third parties from countries with
secrecy laws remains a key issue to be resolved between the Central
Bank and the various industry groups. It is now anticipated that
the Core Guidance Notes will be finalised in February, 2011. Any
changes made in the Core Guidance Notes will then be reflected in
the Sectoral Guidance Notes and the Central Bank will engage with
the various industry representative bodies to finalise same.
If you would like further information on anti-money laundering
requirements Dillon Eustace regularly advises on all aspects
thereof and provides training sessions on this topic. Training can
be held either at Dillon Eustace's office at 33 Sir John
Rogerson's Quay, Dublin 2 or in house training can be provided
at a venue of your choosing.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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