The consultation on the draft AML Guidance Notes for the investment funds industry completed on 23 February 2011 and the relevant guidance is expected shortly.

It is now expected that the final Guidance Notes will be passed to a review group consisting of relevant public sector representatives established to review the Guidance Notes. The Guidance Notes consist of a set of Core Guidance Notes and sectoral Guidance Notes (including those for the investment funds industry).

The Minister for Justice and Law Reform in consultation with the Minister for Finance will then approve the Guidance Notes in accordance with its power to do so under section 107 of the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010.