RegSol Blog

Department of Justice officials to have New Financial Penalty Powers for Anti-Money Laundering Offences

February 2022

The Department of Justice is the competent authority for a number of designated persons under Irish AML legislation:

  • tax advisers/external accountants
  • high value goods dealers
  • private members clubs
  • trust and company service providers,
  • book makers
  • art dealers

The Minister for Justice requested that the regulatory enforcement powers of the department’s Anti-Money Laundering Compliance Unit (AMCLU) would be expanded. A working group was formed to look at the issue and it recommended that the unit be granted the legal right to issue fines for administrative offences relating to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended.

At present the only option open to the AMCLU is criminal prosecution.

It remains to be seen when the new legislation required to give effect to these powers will be drafted and when precisely it will take effect.

To read more please see below link:
Department of Justice officials to have power to issue fines for minor money laundering

By Eilish Larkin - Regulatory Consultant