The Government has published new regulations, under the Prevention of Money Laundering Act, to introduce restrictions on the use of cash for payments and transactions in excess of €10,000. The regulations are in line with the Government’s efforts towards combating money laundering and other criminal activity following pressure from international institutions to introduce a number of reforms. The new regulations stipulate that it is now an offence to make or receive a payment, or carry out a transaction, amounting to, or exceeding €10,000 in respect to the purchase or sale of:
(a) antiques;
(b) immovable property;
(c) jewellery, precious metals, precious stones, and pearls;
(d) motor-vehicles;
(e) sea-craft; and
(f) works of art.
The restriction also applies to linked transactions, which add up to a value of, or exceed €10,000. The criminal fine for this offence is of not less than 40% of the value of the cash transaction above the €10,000 threshold while directors, managers, and other company officers shall also be personally liable. Administrative settlement may be possible with the consent of the Attorney General. The Financial Intelligence Analysis Unit (FIAU) is entrusted to monitor and ensure compliance with these new regulations and may issue procedures and instructions, as required, for carrying out these regulations into full effect.
