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ARE YOU READY FOR MLD4?

The EU's 4th Directive on Anti-Money Laundering (MLD4) must be enacted. Are you ready?

WHAT IS MONEY LAUNDERING?

Money laundering offences are committed where a person knows or believes (or is reckless in not determining) that property represents the proceeds of criminal conduct and as a result, the person is involved in:

Concealing or disguising the true nature, source, location, disposition, movement or ownership of the property
Converting, transferring, handling, acquiring, possessing or using the property or
Removing the property from, or bringing the property into, the State

WHO ARE THE COMPETENT AUTHORITIES IN IRELAND?

In Ireland the competent authorities are:

The Central Bank of Ireland for credit institutions or financial institutions
The designated accountancy bodies for auditors, external accountants or tax advisers
The Law Society of Ireland for solicitors
The General Council of the Bar of Ireland for barristers
The Minister for Justice and Equality for any other designated person (administered by the Anti-Money Laundering Compliance Unit)

ANTI-MONEY LAUNDERING COMPLIANCE UNIT  

The Anti-Money Laundering Compliance Unit (AMLCU) has been established within the Department of Justice and Equality. The AMCLU administers and monitors designated persons that are assigned by the Act to the Minister for Justice and Equality. These include:

Auditors, external accountants, and tax advisers who are not already supervised by a designated accountancy body, the Law Society of Ireland or the General Council of the Bar of Ireland
Trust or company service providers (if the person is a member of a designated accountancy body, the designated accountancy body will be the competent authority)
Private members' gaming clubs (a person who effectively directs a private members’ club at which gambling activities are carried on, but only in respect of those gambling activities)
Any business trading in goods where cash payments of €15,000 are accepted. This sector is diverse and covers businesses from antique dealers, boat and car sales and estate agents to dealers in precious stones and jewellers