| EU Directives: priorities for 2007 |
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Implementing the 3rd Money Laundering Directive as well as the Reinsurance Directive are two of the priorities for the Department of Finance over the coming year, as it is obliged to transpose both Directives by the end of 2007.
The deadline for transposition of the 3rd Money Laundering Directive is December 2007, and the Department expects to have the primary legislation in place by this date. The purpose of the Directive is to strengthen the legal measures to prevent the use of the financial system for money laundering and terrorist financing. It is intended that transposition will be effected by means of a Criminal Justice Bill to amend or replace the relevant provisions of the Criminal Justice Act 1994.
Ireland became one of the first European countries to implement the Reinsurance Directive when it transposed the bulk of it on July 14th, 2006. Work on transposing the remaining Articles 57-60 is continuing and is expected to be completed shortly via a Statutory Instrument.
Ireland has fallen behind the deadline to implement two Directives adapting certain Directives in the field of taxation, by reason of the accession of Bulgaria and Romania. This Directive adapts a number of taxation directives to allow for the accession of Bulgaria and Romania. In the case of the amendments to some of these directives no transposition is required. In the case of the amendments to others, Statutory Instruments to transpose these directives into Irish law are currently being examined by the Parliamentary Counsel's Office.
Since January last, the Department of Finance has transposed 14 EU Directives in Ireland, including the Markets in Financial Instruments Directive which was transposed earlier this year, and the Capital Requirements Directive, which was implemented in December 2006. |
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| Article appeared in the May 2007 issue.
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