Gaming Clubs in Irish Money Laundering Bill's Scope

13 February 2008

Ireland's Justice Minister Brian Lenihan last night introduced legislation intended to transpose the EU's Third Money Laundering Directive into Irish Law. If enacted the bill would require Irish gaming clubs and private member clubs to comply with money laundering preventions from which they are currently excluded.

A March 2006 report from the international Financial Action Task Force said it was "a matter of concern" that private clubs that operate "casino-like facilities" are not included in Irish anti-money laundering legislation. Trusts and company services providers as well as dealers in high-value good, such as car dealerships, are also addressed in the new bill. All such entities would have to identify "the beneficial owner" of cash transactions and not just the identity of the person with whom they are dealing.

The legislation proposes possible prison terms of up to 14 years as penalty for money laundering.