Cabinet expected to approve tougher laws to tackle money laundering

Helen McEntee said she had received Cabinet backing to publish the Money Laundering and Terrorist Financing Amendment Bill 2020
Cabinet expected to approve tougher laws to tackle money laundering
Minister for Justice Helen McEntee. File picture: Gareth Chaney/Collins

The Cabinet is today expected to approve tougher laws to tackle money laundering, including the use of cryptocurrencies in funding terrorism.

Justice Minister Helen McEntee said she had received Cabinet backing to publish the Money Laundering and Terrorist Financing Amendment Bill 2020. 

The bill would also give effect to the provisions of the fifth EU Money Laundering Directive.

If and when the bill is signed into law it will draw a number of new 'designated bodies' into the existing legislation.

This includes virtual currency providers and online so called 'wallet providers' for virtual currencies as well as dealers and intermediaries in the art trade;

Other provisions designed to stop banks and financial institutions from creating anonymous safe-deposit boxes as well as greater transparency on who really owns corporate entities.

Justice Minister Helen McEntee said criminals sought to exploit the EU's open borders, and for that reason EU-wide measures were vital.

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