In a first of its kind, a special cabinet of the Irish government has approved a special law which is an anti-money laundering directive authorizing the European Union to operate for security measures.
This special directive, which entered into force at the beginning of July last year, establishes a new law for financial regulators of the European Union to exercise strict control over the use of digital currencies as a means to protect from money laundering and criminal activities such as terrorist financing.
This special directive created to combat crimes such as money laundering will be rigorously enforced across various cryptographic platforms and platforms provided by portfolio services. This would entail the end of the bank with the secretly maintained savings accounts and would improve the cross-flow of information between EU authorities. The Member States of the EU have received ultimatums to incorporate this directive into their respective systems by 20 January.
At a press conference, Charlie Flanagan, Minister of Justice, said that in addition to the recognition of the directive issued by the EU, the 2019 criminal justice bill for money laundering and terrorist financing will also take measures to ensure that it is followed strictly and have a hawk eye in particular on the functioning of virtual currencies. These are mainly used for antisocial activities such as terrorist financing using prepaid cards.
The fact is that money laundered is a crime that leads to the proper functioning of criminals and terrorists, destroying innocent lives. Late, criminals have resorted to the EU's open borders for their operation and this is important to introduce large-scale EU measures to support law and order in the state. After its amendment, Ireland strongly supports the special provision of the EU Money Laundering Directive, which is the fifth line.
Once the bill is passed, every financial institution and institution should operate strictly with due diligence while dealing with new clients and should follow strict procedures before opening any deposit account and it would be forbidden to open an anonymous security deposit if found suspicious. In addition, the bill would authorize the Garda and the Office for Criminal Goods to randomly reach any bank in the systematic course of investigations for money laundering.
Last month, the Blockchain Observatory for European Union and Forum created a special case of online versions of national cryptocurrencies. The creation of the digital version of domestic cryptocurrencies means that they would now be an integral part of all contracts. This would lead to the unlocking of various innovations and developments of the local blockchain which would ultimately lead to private remittances, including direct open transactions using any cryptocurrency platform instead of using that proxy.
At the beginning of last month, Revolut, which is a financial and technological enterprise based on cryptography, was successful in securing a banking license for their operation in the EU, making use of the help of the Bank of Lithuania. Currently, Revolut has users in countries like the UK, Germany, France, is Poland. With this step, users would get authentic current accounts and an unfunded debit card. In addition to this, the user deposit accounts will also have funds in the amount of € 100,000 according to the European Deposit Insurance System.
