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Irish Government Passes Anti-Money Laundering Bill

With the rise of crypto industry, a major issue that has been emerging is the criminalization of crypto assets. Especially, The anonymity attached with crypto can worsen the scenario. Two large aspects of these type of crimes are money laundering and terrorist funding. In such circumstances, the need for cryptocurrency regulations is getting stronger.

In order to have better control over these problems, The Cabinet, the executive organ of the government of Ireland has given the green light to an anti-money laundering bill that will impact the crypto space in the European Union (EU). It drafts a framework that European financial regulators are anticipated to use to regulate digital currencies in order to combat the criminalization of crypto assets. It was enforced on July 9, 2018.

One of the critical characteristics of this bill is that it extends its effects to digital currency wallet providers along with crypto platforms. Also, It will terminate the anonymity of savings and bank accounts. The bill is designed with an aim to enhances the exchange of financial information among authorities. This directive will be applicable in all European Union states in their national laws by January 20, 2020.

Apart from that, the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 would consolidate the existing legislation, including the use of “virtual currencies for terrorist financing and limiting the use of prepaid cards.” On this, Minister of Justice Charlie Flanagan stated, “The reality is that money laundering is a crime that helps serious criminals and terrorists to function, destroying lives in the process… Criminals seek to exploit the EU’s open borders, and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the fifth EU money laundering directive.”

Adoption of the new law in EU will eliminate the risk associated with the digital currencies. As the bill will be in implementation, financial institutions will have to complete stricter due diligence. The institutions will not be allowed to open anonymous safe deposit boxes. Moreover, the bill will enable the Garda and the Criminal Assets Bureau to have access to bank records.

Reportedly, Ireland is in full support with the fifth European Union money laundering directive. The country will take all the measures to fulfill the bill’s requirements.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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