The Irish government has announced it is to strengthen the country's legislative provisions to comba...
The Irish government has announced it is to strengthen the country's legislative provisions to combat money laundering. On 12 February Brian Lenihan, the minister for justice, equality and law reform, announced that his department is to draft a new Bill to transpose the EU's Third Money Laundering into Irish law.
A period of consultation between the minister's department and interested parties will take place before the completion of the drafting and publication of the Bill.
International life offices selling from Dublin into the UK will generally be signed up to AILO best practice on anti money laundering, so the standard of scrutiny being carried out is already high.
Ireland is also already a member of the Financial Action Task Force, an intergovernmental body that has developed 40 recommendations to combat money laundering, as well as an additional nine principles designed specifically to deal with the financing of terrorism. It has been part of the FATF since 1991.
‘Promising lead’ or ‘Back to the lab’?
PA360 2019 revisited
Complaints triple in past year
Our weekly heads-up for advisers
Tracking real performance