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FATF Recommendations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Ireland

The Financial Action Task Force (FATF) has released a series of recommendations aimed at strengthening anti-money laundering and combating the financing of terrorism (AML/CFT) measures globally. These recommendations, updated over the past decade, provide guidance to countries on how to effectively prevent the misuse of their financial systems.

Key Developments

• In 2013, FATF recommended that countries align their standards with international best practices by inserting references to DNFBP secrecy or confidentiality laws and ensuring mutual legal assistance is not affected. This move aimed to enhance cooperation among countries in combating terrorist financing.
• The following year, FATF revised its Interpretive Note to Recommendation 5 to address the foreign terrorist fighters threat, clarifying that countries must criminalize the financing of travel for terrorist purposes.
• In 2016, FATF updated its standards on non-profit organizations (NPOs), revising Recommendation 8 and its Interpretive Note to clarify which NPOs should be subject to supervision and monitoring. This change aimed to better align implementation with a risk-based approach.

Recent Updates

• In October 2020, FATF revised Recommendation 1 and its Interpretive Note to require countries, financial institutions, and designated non-financial businesses and professions (DNFBPs) to identify and assess risks related to proliferation financing and take action to mitigate these risks.
• The same year, FATF updated Recommendation 2 and added a new Interpretive Note to promote domestic cooperation, coordination, and information exchange among competent authorities.
• In June 2021, FATF revised its Interpretive Note on virtual assets, clarifying the applicability of proliferation financing risk assessment and mitigation requirements to virtual asset activities and service providers.

Irish Compliance

Ireland has committed to implementing these FATF recommendations as part of its efforts to strengthen AML/CFT measures. The country’s financial institutions and DNFBPs must comply with these standards to prevent money laundering, terrorist financing, and other illicit activities.

As the global financial landscape continues to evolve, it is essential for countries like Ireland to remain vigilant in their efforts to combat money laundering and terrorist financing. By implementing FATF’s recommendations, Ireland can help safeguard its financial system against misuse and protect its economy from illegal activities.

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