Everyone has heard of the term “Money Laundering”, but most fail to understand what exactly it is and how it affects not only our daily lives but also a county’s economy. Money Laundering is an illegal process that individuals can take advantage of to hide the origins of where money was obtained illegally. This is most often done by passing the money through a complex number of bank transfers to eventually erase and hide where the money originated. In the end, the money launderer receives the “clean” money.
Ireland has had a history of struggling with cracking down on money laundering, and in light of having to pay nearly 2 million Euro to the European Commission in July 2020 for failing to implement regulations, a new law has been passed in an attempt to begin intensifying legislation around anti-money laundering. The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020, was signed on May 5th, 2020.
This Bill aims to: 1: Prevent the creation of anonymous safe-deposit boxes by credit and financial institutions 2: Continuously improve on the customer …
