The Government of Ireland approved the general scheme of drafting of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 (the “Bill”) on 3 January 2019.

The Bill will transpose many of the provisions of the 5th EU Money Laundering Directive (5AMLD) which has the aim of strengthening laws in the EU to combat money laundering and terrorist financing. The Bill will amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 which gave effect to the 3rd EU Money Laundering Directive and compliments the provisions of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 which gave effect to the 4th EU Money Laundering Directive.

Read: General Scheme Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019