Question

What is the current position in Ireland in respect of the transposition of the Fourth Anti Money-Laundering Directive (4AMLD)?

Answer

4AMLD is due to be transposed by EU member states by 26 June 2017. Meanwhile proposals for a Fifth Anti-Money Laundering Directive (5 AMLD) which will amend 4 AMLD are at an advanced stage and are currently scheduled to be discussed by the EU Parliament on 23-26 October 2017 (see below). Legislation implementing most of the provisions of the 4 AMLD will most likely not be introduced in Ireland until after the 5 AMLD is settled, which is expected to be in Q4 2017. However, Ireland has implemented certain aspects of Article 30 of 4 AMLD by virtue of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 which came into operation on 15 November 2016 (as detailed in our In Focus paper) and which require Irish corporates to obtain and hold certain information on their beneficial ownership. In line with Article 31 of 4 AMLD, regulations imposing obligations on trusts to obtain and hold beneficial ownership information are expected later this year, although the precise timing of these regulations is unclear. Regulations relating to the maintenance and operation of central registers for information on beneficial ownership for corporates and trusts are also expected later this year.