The Irish crypto companies will soon have to correspond their activities with EU latest legal base concerning money laundering and terrorism financing prevention.
Last week Irish authorities ratified the bill confirming the transposition of prosecution elements of the EU 5th Anti-Money Laundering Directive (AMLD5) into state law firming the legislation in this life sphere.
The approval of this law provide the Minister for Justice and Equality, Helen McEntee, the right to post new law titled as The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
The adopted law supposes digital currency and online wallets providers to observe currently acting requirements of AML and terrorist financing counter legislation.
This news had been accompanied by the government officials’ statement.
The statement mentions that Minister for Finance has ordered to make amendments concerning the regulation of Virtual Asset Service Providers (VASPs). These amendments suppose official registration and AML and CFT law requirements observing.
Besides this the statement re-iterates that the aforementioned amendment concern Ireland’s international obligations with the observation of Financial Action Task Force’s legal framework demands related to new technologies, product and conduct.
Such fast adoption of the law has been caused by the fine imposed on Ireland by the European Court of Justice for non-timely bringing of AML and CFT rules into country’s legislation
Announcing the law adoption the Minister McEntee mentioned its’ importance in money-laundering fighting actions:
“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.”