European Union (Money Laundering and Terrorist Financing) Regulations 2019.

• Statutory Instrument No.: 578/2019
• Published date: 22 November 2019

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 22nd November, 2019.

I, CHARLES FLANAGAN, Minister for Justice and Equality, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Directive 2015/849/EU of the European Parliament and of the Council of 20 May 20151 , hereby make the following regulations:

Citation

1. These Regulations may be cited as the European Union (Money Laundering and Terrorist Financing) Regulations 2019.

Amendment of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

2. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No.6 of 2010) is amended -

(a) in section 54 (inserted by section 26 of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (No. 26 of 2018)) -

(i) by the insertion of the following subsection after subsection (6):

“(6A) A designated person shall have in place appropriate procedures for their employees, or persons in a comparable position, to report a contravention of this Act internally through a specific, independent and anonymous channel, proportionate to the nature and size of the designated person concerned.”, and

(ii) in subsection 12, by the substitution of “Subsections (6), (6A),” for “Subsection (6),” and

(b) by the insertion of the following after section 63:

“Supervision

63A. (1) Competent authorities shall take the necessary measures to prevent persons convicted of a relevant offence from performing a management function in or being the beneficial owners of the designated persons referred to in paragraphs (c), (d) and (f) of section 25(1).

(2) Any person performing a management function in or being the beneficial owner of the designated persons referred to in subsection (1) and who is convicted of a relevant offence must inform the relevant competent authority within 30 days of the day on which that person was convicted of the relevant offence.

(3) Any designated person for which or in respect of which a person who is convicted of a relevant offence, performs a management function or is a beneficial owner, shall inform its competent authority of the conviction within 30 days of the date on which the designated person became aware of the conviction.

(4) In this section “a relevant offence” means -

(a) an offence under this Act,

(b) an offence specified in Schedule 1 to the Criminal Justice Act 2011 , or

(c) an offence under the law of a place (other than the State), consisting of an act or omission that, if done or omitted to be done in the State, would, under the law of the State, constitute an offence under subsections (a) or (b).

(5) A person who fails to comply with subsection (2) or (3) shall be guilty of an offence and shall be liable -

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 6 months or both, or

(b) on conviction on indictment, to a fine not exceeding €100,000 or imprisonment...