Tag Archives: 2010 to 2018

Money laundering exposed by undercover journalists

Journalists at the London Times are to be congratulated for today, 4 December 2019, exposing a web of alleged money laundering centred on a company formations business based in London. Of course, the story was originally covered by Guardian journalist Oliver Bullough in 2016 and in his 2018 book ‘Moneyland’. The Times reported: ‘Leaked documents… Read More


Reporting money laundering offences

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires firms to report suspicious transactions based on the premise that a person ‘knows, suspects or has reasonable grounds to suspect, based on information obtained in the course of carrying on business as designated person’ that another person is involved in money laundering… Read More


Record keeping and the RBO

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 updates the 2010 legislation that was already in place. Among other things it is essential to arrange staff training with all members of your team to ensure they are up to date with the latest changes. It is also vital to have an… Read More


Important obligations under money laundering rules

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 places some important obligations on accountants to carry out AML procedures, among them the following: The obligation to identify and take risk-based and adequate measures to verify, where applicable, the Directors and beneficial owners of client entities; The application of the Client Due… Read More


When Not to Report Money Laundering

Certain circumstances can arise from time to time when an accountant (as well as certain other designated persons) is allowed to rely on the privilege reporting exemption contained in Section 46 of the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018. The effect of this exemption, when properly applied, is that no… Read More


The latest AML legislation

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires, among other things that: Each firm to appoint a person responsible for reporting to the authorities, known in the legislation as, the ‘designated person’ or otherwise better known as the ‘Money Laundering Reporting Officer’ (MLRO), a term not mentioned in the law;… Read More


Changes in AML legislation.

Some significant changes made in late 2018 to Irish AML legislation may have gone unnoticed. They need urgent attention as each designated entity is required, under Section 30A, to prepare a Business Risk Assessment. More on this in a subsequent blog. The main changes introduced by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment)… Read More


Irish Red Cross criticised by auditors

In a recently issued audit report, the Irish Red Cross were criticised by their auditors over several matters including:   how the charity manages restricted funds; how over €120,000 was deducted from four humanitarian appeal funds, as an administration charge without proper back-up to justify this; not all travel and subsistence claims were backed up… Read More