Ireland: Money Laundering Provisions Come into Effect
| Published date | 01 March 1995 |
| Date | 01 March 1995 |
| DOI | https://doi.org/10.1108/eb025713 |
| Pages | 211-213 |
| Author | John A. Moran |
| Subject Matter | Accounting & finance |
Ireland: Money Laundering Provisions Come into
Effect
John A. Moran
Journal of Financial Crime — Vol. 3 No. 2 — International
On 2nd May, 1995 the provisions of the Criminal
Justice Act 1994 (the Act), which contain the Irish
rules to combat money laundering, came fully into
effect. The rules reflected the obligations of the
Irish Government pursuant to the European
Union Council Directive 91/308/EEC on the Pre-
vention of the Use of the Financial System for the
Purpose of Money Laundering (the Directive). As
required by the provisions of the Directive, the
Act:
(a) establishes a new offence of money laundering
under Irish law;
(b) imposes on certain financial institutions and
other bodies a 'know your customer' obliga-
tion;
(c) requires certain persons to disclose suspicions
of money laundering to the Irish police force
(the Garda Siochána); and
(d) provides for offences of 'tipping off which
might prejudice investigations under the Act.
NEW OFFENCES OF MONEY
LAUNDERING
Section 31 of the Act makes it an offence if any
person:
'(a) for the purposes of avoiding prosecution for
an offence or the making or enforcement of a
confiscation order conceals or disguises any prop-
erty (including money) which is, or in whole or in
part directly or indirectly represents, his own pro-
ceeds of drug-trafficking or other criminal activ-
ities or converts or transfers that property or
removes it from Ireland;
(b) knowing or believing that any property is, or
in whole or in part represents, another person's
proceeds of drug trafficking or other criminal
activity, conceals or disguises the property or con-
verts or transfers that property or removes it from
Ireland in each case for the purposes of assisting
any person to avoid prosecution for an offence or
the making or enforcement of
a
confiscation order;
or (c) handles any property knowing or believing
that such property is, or in whole or in part
directly or indirectly represents, another person's
proceeds of drug trafficking or other criminal
activity.'
Although certain of the expressions used in s. 31
are defined in the Act, many are not fully
explained. Further detail is provided by largely
non-statutory guidelines (the Guidelines) issued
Page 211
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