Irish Gov’t Approves Anti-Money Laundering Bill Affecting Cryptocurrency

The Cabinet, the executive organ of the government of Ireland, has approved a bill that would give effect to the European Union (EU) Fifth Anti-Money Laundering (AML) Directive, the Irish Times reported Jan. 3.

The directive — which came into force on July 9, 2018 — sets a new legal framework for European financial watchdogs to regulate digital currencies in order to protect against money laundering and terrorism financing.

Specifically, the directive will extend the scope to crypto platforms and wallet providers, end the anonymity of bank and savings accounts, and improve information exchange among authorities. EU member states must incorporate the directive into their respective national laws by Jan. 20, 2020.

Reference: https://cointelegraph.com/news/irish-govt-approves-anti-money-laundering-bill-affecting-cryptocurrency

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