Anti-Money Laundering Measures

Obligation to report a suspicious transaction

Notaries appreciate that information given to them, as indeed to all lawyers, carries a very high level of confidentiality. However, in certain circumstances, where a Notary suspects that a transaction involving the acquisition or transfer of assets is ‘tainted’ i.e. the monies or assets being dealt with represent the proceeds of crime or terrorism, a legal obligation arises to report such suspicion to an Garda Síochána. For this reason, appearer’s should be in a position to give satisfactory explanations to the Notary as to the source of funds or assets involved in the notarial transaction. A letter from the appearer’s own solicitors or bankers or some other reputable institution may allay any fears that the assets may be ‘tainted’.

What are the proceeds of crime?

For the purposes of money-laundering legislation currently in force, the proceeds of crime include not only the proceeds of drug dealing, racketeering and terrorism, but also tax evasion, social welfare fraud and minor criminality. For example, the purchase of a foreign property with untaxed income or with social welfare or other benefits obtained unlawfully would be a ‘tainted’ asset and any transfer would amount to an offence or money-laundering.