New regulations under the Prevention of Money Laundering Act titled Use of Cash (Restriction) Regulations, 2021

On 9th March 2021 the Government issued new regulations under the Prevention of Money Laundering Act titled Use of Cash (Restriction) Regulations,2021. It is now against the law to make or receive payment in cash amounting to €10,000 or more (or its equivalent in another currency), whether in a single transaction or in several linked transactions, in respect of the sale or purchase of any of the following:
(a) antiques;
(b) immovable property;
(c) jewellery, precious metals, precious stones and pearls;
(d) motor-vehicles;
(e) sea-craft; and
(f) works of art.

A fine of not less than 40% of the sum paid, received or otherwise transacted in cash shall be applied to any person who fails to comply with these regulations. Directors, managers or any other officers exercising executive functions in a company or other undertaking, or body of persons, shall be held personally liable in case of any such breach.