Thu, March 28, 2024

Cryptocurrency Firms in Ireland and Country’s Government

Ireland and cryptocurrency firms

On August 10, the government of Ireland approved a bill to transfer the criminal justice elements of the European Union’s Fourth Anti-Money Laundering Directive (AMLD5) into national law. As a result, cryptocurrency firms in the country will soon be regulated in accordance with the latest European legal framework. This will be done in order to prevent money laundering and terrorism financing.

Thanks to approval from the country’s government, Ireland’s Minister for Justice and Equality Helen McEntee will publish this new bill. The title of the bill is The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.

It is worth mentioning that, the bill brings virtual currency providers and online wallet providers for digital currencies under existing AML and counter-terrorist financing legislation.

The official government note contains interesting details. For example, the Minister of Finance gained the government’s approval to bring forward amendments regarding the regulation of Virtual Asset Service Providers (VASPs). Importantly, the amendments will ensure that the necessary registration and fitness and probity regime will become statutory requirements.

Cryptocurrency companies and  Anti-Money Laundering Directive

The note indicates that these amendments will address Ireland’s international obligations, in accordance with FATF’s regulatory framework. Specifically, including the Financial Action Task Force’s (FATF) regulatory framework for new technologies, products, and services.

Last month, the European Court of Justice ruled against Ireland. The country has to pay 2 million euros ($2.3 million) for its delay in bringing the country AML and CFT rules in line with other members of the EU.

The European Union’s Fourth Anti-Money Laundering Directive first came into force on July 9, 2018. The deadline to comply with the anti-money laundering directive was January 2020. However, Ireland failed to comply with this directive, and so unsurprisingly, the European Court of Justice ruled against the country.

Money laundering is a serious crime and law enforcement agencies around the world are working hard to identify such cases.

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