The European Union is taking money laundering in the digital space seriously, having issued its Fifth Anti-Money Laundering Directive (AMLD5) for member states to follow on July 9, 2018. Ireland has now adopted the directive, making them more compliant to the AMLD5 than they were to the AMLD4, and providing a clear signal that criminal activity in the digital currency space won’t be tolerated.

The Cabinet of Ireland gave their approval to a bill transposing the guidelines of the AMLD5 into their national law. This effectively puts digital currency businesses at the same level of regulation as banks and other financial institutions, making criminal activity through digital currency harder to pursue.

Ireland’s Minister for Justice and Equality, Helen McEntee gave her approval for the new Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020:

“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.”