Ireland Takes Steps to Secure Crypto Assets

With an ulterior motive of deploying stricter regulations on money laundering including terrorist financing directed at cryptocurrencies, The Government of Ireland has authorized a bill as per a press release on its news service website on January 3rd.

This brand-new bill: Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 is subsumed in the Anti-Money Laundering Directive (AMLD) which was passed by the European Union last year in July.

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 endows the fifth EU money laundering directive and reinforces the existing legislation.

This bill also assists the Garda and Criminal Asset Bureau in retrieving bank records while investigating cases.

The Minister for Justice and Equality, Charles Flanagan stated that:

This is another important piece of legislation for tackling money-laundering. 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. Ireland strongly supports the provisions in the Fifth EU Money Laundering Directive.”

The pace at which the legislation is being updated indicates the burgeoning rise of cryptocurrencies and how it is being perceived as a growing polestar for criminal activities.

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Minister Flanagan further added that:

“This new Bill builds on a suite of Government measures to tackle white collar crime – an additional focus by Gardaí on fraud and similar types of offences and the provision of a Garda Confidential Line for the reporting of Bribery and Corruption by members of the public – as well as the enactment of a landmark piece of legislation – the Corruption Offences Act 2018.”

“This new Bill builds on a suite of Government measures to tackle white collar

The financial institutions will take a draconian approach in Ireland with the particulars of new clients and anonymous deposit boxes shall be obsolete. In case of any investigations, The Criminal Assets Bureau will have complete access to the bank records.

Minister Flanagan concluded by saying:

“So-called white collar crimes will not be tolerated in Ireland. We are building a very robust legal framework and further developing vital expertise within An Garda Síochána. My message to criminals is clear: those engaging in corruption or money laundering in Ireland will not get away with their crimes.”

There has been growing dissent about the increasing number of malicious activities surrounding the world of cryptocurrencies.

However, Ireland has put its foot down to take measures against such activities and has made its message clear to its citizens.

How do you feel about the advancements in the measures taken by Ireland against the Crypto world?