Guidance Notes:
Update 29 June 2010: The Financial Regulator has posted draft Sectoral Guidance Notes for Investment Funds to its website for public consultation. Comments on the Sectoral Guidance Notes for Investment Funds are required by Wednesday 14 July 2010.
Update 21 June 2010: The Financial Regulator has posted draft Sectoral Guidance Notes for Credit Unions to its website for public consultation. Comments on the Sectoral Guidance Notes for Credit Unions are required by Wednesday 14 July 2010.
Update 18 June 2010: The Financial Regulator has posted the first draft Sectoral Guidance Notes to its website for public consultation. A short consultation period has been imposed as the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 will be commenced in full on 15 July 2010. Accordingly, comments on the Sectoral Guidance Notes are required by Friday 9 July 2010.
In order to finalise the consultation period for the draft Core Guidance Notes, the Financial Regulator has announced that comments are now required for submission by Friday 2 July 2010. Copies of draft Core and Sectoral Guidance Notes may be downloaded below.
Update 19 March 2010: The Financial Regulator has been asked to facilitate public comment on the latest (March 2010) draft of the Industry Drafting Group's Core Guidance Notes on the prevention of the use of the financial system for money laundering or terrorist financing. The draft guidance notes are subject to further change as the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 nears the end of the legislative process. Copies of sectoral guidance notes for public review and comment will be posted here when available. Public comment on the draft notes is welcome and should be sent to both of the following email addresses: brendan.nagle@financialregulator.ie and/or brian.kelly@financialregulator.ie
[Note: Guidance Notes historically were approved by the Money Laundering Steering Committee. The new Guidance, pursuant to section 107 of the Bill, may be approved by the Minister for Justice (following consultation with the Minister of Finance) 'for the purpose of guiding designated persons on the application' of the new law. Compliance Ireland will provide further updates on the progress of the upcoming Guidance on this site and at www.complianceireland.com/Resources.html#AMLBILL WARNING: the list of Prescribed Countries set out in the various Guidance Notes below is not up-to-date. This is because each Guidance Note was written prior to new countries being added to the list of Prescribed Countries. The current list (as at 1 January 2006) is as follows:
(1) All members states of the European Union; and (2) Australia, Canada, Channel Islands, Hong Kong, Iceland, The Isle of Man, Japan, New Zealand, Norway, Singapore, Switzerland, Turkey, USA, Argentina, Republic of Brazil, Russian Federation, South Africa, Mexico and Liechtenstein.
Always check with your trade association or Regulator if you are in doubt as to whether a country is, or is not, a Prescribed Country under section 32 of the Criminal Justice Act, 1994.
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