Ireland’s President has transposed the Criminal Justice (Money Laundering and Terrorist Financing) Act 2018 into national legislation as per the 4th AMLD. The law defines and broadens the definition of Beneficial Owner and classifies ‘designated persons’ to cover all cash transactions of EUR €10,000 or over.
Beneficial Ownership now effectively covers:
1. Any natural person who owns or manages the relevant company or body
2. Through direct or indirect ownership of a sufficient percentage of the shares, voting rights or ownership interest in that entity.
Or through control via other means, including:
1. Any individual who is entitled to a vested interest in trust property.
2. The settlors of a trust.
3. Trustees of a trust.
4. Protectors of a trust.