Ireland embraces the EU’s Anti-Money Laundering (AML) directive

EU’s anti-money laundering directive has been actively embraced by countries all across the globe. Now, Ireland is also following the suit and all set to adopt the latest EU’s AML Directive. According to reports, Ireland is adopting AMLD with the purpose to bring the country in line with the current European framework of anti-money laundering and terrorism financing.

To regulate different firms in the country including digital currency exchanges, the Ireland Cabinet passed the bill that highlights the criminal justice aspects of the EU’s Fifth Anti-Money Laundering Directive (AMLD5) transforming it into national law.

These new recommendations will strengthen the existing legislation by working alongside with them, hence, regulating the digital currency firms and aligning them with the requirements of other financial regulators.

Helen McEntee, Ireland’s Minister for Justice and Equality, approved the new amendment in Money Laundering and Terrorist Financing (EU Exit) Regulations 2020. The amendments will be setting up the legal foundation of the directive for the first time. As per the report, “the amendments will ensure that the necessary registration and fitness and probity regime, required by 5AMLD for virtual asset service providers, become statutory requirements.”

Moreover, these new measures will enforce Ireland to obliged to the Financial Action Task Force requirements along with its regulations on latest technologies. AMLD5 regulations were originally introduced by the European Union on July 9, 2018, and the Member States were instructed to incorporate it into domestic law by January 2020.

In her statement, Minister McEntee outlined the measures as “an important step” for Ireland to combat money laundering and terrorism financing.