Version status: Published
Version date: 30 April 2018 - onwards
23. Requirement for designated persons to report transactions connected with high-risk third countries
This format of the bill is taken from the text of stage 1 published on 26 April 2018 by Dáil Éireann
The Act of 2010 is amended by the substitution of the following section for section 43:
(1) A designated person shall report to FIU Ireland and the Revenue Commissioners any service or transaction, that -
(a) the designated person provides or carries out in the course of carrying on business as a designated person, and
(b) is connected with a place that is a high-risk third country.
(2) A person who fails to comply with this section commits an offence and is liable -
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).".