Financial Crime World

Ireland Makes Significant Progress in Enhancing AML/CFT Framework

Introduction

The Anti-Money Laundering Supervision Committee (AMLSC) has made significant progress in implementing an action plan to address recommendations from the Financial Action Task Force (FATF). This marks a notable improvement in just two years, demonstrating Ireland’s commitment to strengthening its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.

Progress Made

According to a recent report, Ireland has upgraded its compliance with 11 FATF Recommendations since the 2017 Mutual Evaluation Report. This progress includes:

  • Updating guidelines for credit and financial institutions
  • Conducting sector-specific risk assessments
  • Establishing a Private Sector Consultative Forum

“We are committed to ensuring that Ireland’s AML/CFT regime is robust and effective in combating money laundering and terrorist financing,” said [Name], Chair of the AMLSC. “We have made significant progress in recent years, and we will continue to work closely with our stakeholders to ensure that our framework remains fit for purpose.”

Strengthening Sanctions Regime

The AMLSC has also been working to strengthen its sanctions regime, which includes implementing EU and UN sanctions through domestic legislation. The committee has designated several Competent Authorities responsible for the implementation of sanctions, including:

  • Department of Foreign Affairs and Trade
  • Department of Enterprise, Trade and Employment
  • Central Bank of Ireland

“We believe that a whole-of-government approach is essential in ensuring the effective implementation of sanctions,” said [Name], Secretary General of the AMLSC. “Our Competent Authorities are working closely together to ensure that our sanctions regime is robust and effective.”

Resources for Stakeholders

The AMLSC has also established a number of resources for stakeholders, including:

  • A dedicated website with information on Ireland’s AML/CFT framework and sanctions regime
  • Contact details for queries related to sanctions

For more information, please visit [website URL] or contact the AMLSC at [contact email/phone number].