The long awaited Criminal Justice (Money Laundering and Terrorist Financing) Bill, 2009 which will give effect to the Third Money Laundering Directive 2005/60/EC ("the 3 MLD") was finally published on Tuesday 28 July.

Broadly, there are no real surprises in the Bill and the measures, in the main, reflect the provisions of the 3 MLD and incorporate the essence of the heads of the Bill that were first circulated by the Minister for Justice, Equality and Law Reform in February 2008. From a business perspective, the approach of placing on a statutory footing what in the past, had been left to regulatory guidance, is to be welcomed, and will provide regulated businesses with more clarity about their legal position. Click here to read more.