Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018

Amendment of section 55 of Act of 2010

27. Section 55 of the Act of 2010 is amended—

(a) in subsection (1)(b), by the substitution of “correspondent relationship” for “correspondent banking relationship”,

(b) in subsection (4) (amended by section 12(a) of the Act of 2013), by the substitution of “Subject to subsections (4A), (4B) and (4C), the documents and other records” for “The documents and other records”,

(c) in subsection (4)(b), by the substitution of “correspondent relationship” for “correspondent banking relationship”,

(d) by the insertion after subsection (4), of the following subsections:

“(4A) Where a member of the Garda Síochána not below the rank of Sergeant having carried out a thorough assessment of the necessity and proportionality of further retention is satisfied—

(a) that certain documents or records, or documents or records relating to a certain business relationship or occasional transaction, are required for the purposes of an investigation related to money laundering or terrorist financing, or

(b) notwithstanding the fact that a decision to institute proceedings against a person may not have been taken, that the documents or records are likely to be required for the prosecution of an offence of money laundering or terrorist financing,

the member may give a direction in writing to a designated person to retain the documents and other records for a period, up to a maximum of 5 years, additional to the period referred to in subsection (4).

(4B) Where a direction has been given to a designated person in accordance with subsection (4A) and neither paragraph (a) nor (b) of that subsection continue to apply a member of the Garda Síochána shall, as soon as practicable, notify the designated person to whom the direction was given of that fact and the direction shall expire on the date of that notification.

(4C) A designated person who is given a direction under subsection (4A) shall retain the documents or records specified in the direction until the earlier of—

(a) the expiration of the additional period specified in the direction, and

(b) the expiration of the direction.”,


(e) by the insertion of the following subsection after subsection (7A) (inserted by section 12(b) of the Act of 2013):

“(7B) Upon the expiry of the retention periods referred to in this section a designated person shall ensure that any personal data contained in any document or other record retained solely for the purposes of this section is deleted.”.