Publication of the Central Bank’s revised Guidance Notes for Anti Money Laundering procedures in the investment funds sector is now expected by the end of October 2010.
The Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 (the “Act”) was enacted to transpose the Third Anti-Money Laundering Directive (2005/60/EC) into Irish Law. Its provisions became operative on 15 July last. The Act transposes the Third Anti-Money Laundering Directive (2005/60/EC) into Irish Law. Designated persons under the Act, including all credit and financial institutions (as defined in the Act) are required to comply with their obligations under the Act with immediate effect. Section 107 of the Act provides that “...the Minister for Justice Equality and Law Reform may, after consulting with the Minister for Finance, approve guidelines for the purpose of guiding designated persons on the application of this Part to those designated persons.”
The Central Bank published draft Investment Funds Sectoral Guidance Notes on 29 June 2010 and invited comment in relation to these by 14 July 2010. Publication of the final Guidance Notes for the investment funds sector is expected by the end of October.