meta_id 3303417

On June 29, 2026, Ireland's Minister for Justice, Home Affairs and Migration enacted Statutory Instrument No. 307/2026, establishing a comprehensive administrative sanctions regime for money laundering and terrorist financing violations. The regulations implement Directive (EU) 2024/1640 of the European Parliament and of the Council of May 31, 2024, which requires Member States to establish mechanisms for preventing the misuse of the financial system for money laundering or terrorist financing purposes. The framework introduces a new Chapter 11 to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, creating an adjudication system to investigate and sanction breaches of relevant obligations by trust and company service providers. The Minister appoints independent adjudication officers—practitioners with at least ten years' standing as barristers or solicitors—to conduct investigations and impose administrative sanctions. These sanctions take two forms: financial penalties capped at the greater of twice any derived benefit or €1,000,000; and daily penalty payments not exceeding two percent of an individual's average daily income or three percent of a provider's average daily turnover. The regulations establish procedural safeguards including commitment agreements allowing providers to remedy compliance issues without formal sanctions, detailed investigation protocols, oral hearing provisions, and appellate review mechanisms through the Circuit Court and High Court. Adjudication officers possess powers comparable to High Court judges, including witness examination and document production authority. The framework incorporates proportionality requirements, ensuring sanctions reflect breach severity and deter future violations while preserving provider viability. The regulations came into operation on June 30, 2026, and apply to acts or omissions occurring after that date. Notice of the statutory instrument's making was published in Iris Oifigiúil on July 3, 2026.