Proceeds of Crime (Disclosure) Order, 2010

Summary

This Order, made under the Proceeds of Crime Law, 2008, prescribes the official form that must be used when a person makes a disclosure of a suspicious activity or knowledge/suspicion of money laundering under sections 136 or 137 of that Law. The prescribed form is the Suspicious Activity Report (SAR), set out in the Schedule to the Order, which is to be submitted to the Financial Reporting Authority (FRA).

The Order applies to any person or entity subject to the disclosure obligations in sections 136/137 of the Proceeds of Crime Law, 2008. In practice this includes banks, trust companies, mutual fund administrators, insurance managers, real estate agents and other persons providing relevant financial or professional services who become aware of, or suspect, money laundering activity involving a client or transaction.

• False reporting offence: A person who wilfully makes, causes to be made, or assists in making a false or fraudulent statement in a disclosure under this Order is liable on summary conviction to escalating fines and/or imprisonment for first, second and third or subsequent offences.

The document itself is short and procedural: its substantive effect is to mandate use of the SAR form and to penalise false reporting, rather than to impose new substantive AML program requirements.

Key obligations

• Any disclosure made under section 136 or 137 of the Proceeds of Crime Law, 2008 must be made using the form prescribed in the Schedule (the Suspicious Activity Report) to this Order.
• The Suspicious Activity Report must be submitted to the Financial Reporting Authority and must include reporting entity details, the identity of the Money Laundering Reporting Officer, details of the subject(s) of the report (natural persons or legal entities), details of other financial service providers involved, and the reason for suspicion.
• A person must not wilfully make, cause to be made, or assist in making a false or fraudulent statement in a disclosure, or they commit a criminal offence subject to escalating fines and/or imprisonment for repeat offences.

Applies to

banks, trust companies, mutual fund administrators, insurance managers, real estate agents, other persons or entities subject to disclosure obligations under sections 136/137 of the Proceeds of Crime Law, 2008