The executive body of the Irish Government – the Cabinet, officially approved a bill giving effect to the EU Fifth Anti-Money Laundering (AML) Directive, according to a Thursday, January 3, 2019 report by the Irish Times.
Charlie Flanagan, the Justice and Equality Minister, received the Cabinet approval on January 3 for the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019. The bill commutes several provisions of the Fifth EU AML Directive.
The bill will reinforce the existing AML legislation, and it includes the following provisions to broaden the ambit of designated organs under the existing legislation; include a number of technical amendments to other provisions of the Acts already in force; preclude risks colligated with the use of cryptos for terrorist funding and reducing the use of prepaid cards; forestall credit and financial institutions from creating anon safe-deposit boxes; ameliorate the precautions for money transactions to and from high-risk third nations; and heighten the customer due diligence (CDD) needs of the existing legislation.
The Bill further allows for provisions that are not needed by the Directives but will underprop CAB and An Garda Síochána concerning their authority to access all bank records and the brass of their functions pertaining to AML.
Speaking on the new bill, Flanagan revealed:
“This is yet another key piece of legislation for tackling money-laundering (ML). The reality is that ML is a crime that enables grave criminals and terrorists to operate, destroying lives in the process. Criminals seek to exploit the EU’s open borders and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the Fifth EU ML Directive.”
The Garda Síochána Confidential Line for all those individuals with burning vexations about corruption and bribery is: 1800 406080, and the Confidential Line for the Criminal Assets Bureau is: 01 6663266.
In conclusion, Minister Charlie said that:
“So-called white-collar crimes will not be allowed in Ireland. We are creating a very robust and racy legal framework and further forming vital expertise within An Garda Síochána. My message to criminals is very clear: all those engaging in corruption or ML in Ireland will be punished.”
In December 2018, Revolut, a cryptocurrency-friendly fintech company received an EU banking license via the Bank of Lithuania. The users of Revolut in countries like France, Poland, U.K and Germany will receive “true current account and a non-prepaid debit card.” To boot, customers’ deposits are expected to be covered up to around $113,500 under the European Deposit Insurance Scheme.