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.