98. Deputy Thomas P. Broughan asked the Tánaiste and Minister for Justice and Equality when she will bring forward the criminal justice (money laundering and terrorism financing) (amendment) Bill on the fourth EU money laundering directive; and if she will make a statement on the matter. [16831/17]
Tánaiste and Minister for Justice and Equality (Deputy Frances Fitzgerald): In December 2016, the Government approved the publication of the General Scheme of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill which will give effect to most of the provisions contained in the 4th EU Anti-Money Laundering Directive (4AMLD), the aim of which is the strengthening of laws in the EU to combat money laundering and terrorist financing. The provisions of the 4AMLD are closely modelled on the recommendations of the Financial Action Task Force (FATF), an inter-governmental body which sets standards and promotes measures for combatting money laundering and terrorist financing.
The Bill will amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 which gave effect to the 3rd EU Anti-Money Laundering Directive (3AMLD) and previous FATF recommendations. The 4AMLD builds upon the risk-based approach first provided for in 3AMLD and provides that “designated persons” - such as banks and other bodies - must determine, on the basis of a risk assessment and taking into account relevant factors, the risk of money laundering and terrorist financing posed by a particular transaction, service or customer, and apply customer due diligence measures accordingly. The Bill is currently being drafted.
While the Bill will give effect to the greater part of the Directive, some provisions (i.e., the establishment of registers of beneficial ownership of companies and trusts) are being transposed into Irish law by my colleague, the Minister for Finance.