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Irish Government Approves Law Influencing Crypto Sphere

15:45 04/01/2019

The Cabinet of Ministers in Ireland approved the bill, which was developed within the framework of the Fifth EU Directive on combating money laundering, which partially covers the crypto sphere, The Irish Times reports.

 

The new regulation of the EU took effect on July 9, 2018. The directive establishes a legal framework for the regulatory financial authorities of European countries concerning money laundering and terrorism financing, which occur using digital currencies.

The innovation will allow to learn more information about crypto platforms and wallets, put an end to the bank accounts' anonymity, and promote a better exchange of information between government agencies. EU member states should include the directive in their national laws before January 20, 2020.

 

The money laundering is a crime that allows serious criminals and terrorists to implement their plans to kill innocent citizens, Justice Minister Charlie Flanagan stated. Criminals use the open borders of the EU, therefore the adoption of the Fifth Directive is a necessary measure, the head of the department added.

If the draft law is adopted, financial organizations will be required to conduct more rigorous legal checks on new clients. The bill will allow law enforcement agencies gain access to bank accounts in the event of investigations into money laundering.

 

As previously reported, the Supreme Court of Ireland decided to confiscate ether from a prisoner.  

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