Financial Crime World

IRELAND UPGRADED ON MONEY LAUNDERING AND TERRORIST FINANCING RECOMMENDATIONS

The Financial Action Task Force (FATF) has upgraded Ireland’s rating on several recommendations related to anti-money laundering and combating the financing of terrorism (AML/CFT). This achievement is a result of the country’s continued efforts to strengthen its AML/CFT framework and implement new technologies.

Progress and Recommendations

In its latest assessment, FATF praised Ireland for:

  • Implementing customer due diligence measures and regulations on virtual asset service providers
  • Conducting sector-specific risk assessments and national risk assessment (NRA), which provides a comprehensive overview of Ireland’s ML/TF risks

Ireland is set to submit its next follow-up report to FATF in 2024, where it will provide an update on its progress in implementing the recommendations.

New Guidelines and Regulations

To assist credit and financial institutions in understanding their AML/CFT obligations, the Central Bank of Ireland developed guidelines following the transposition of:

  • The Fourth Anti-Money Laundering Directive
  • The Fifth Anti-Money Laundering Directive (updated in 2021)

National Risk Assessment

Ireland’s NRA aims to:

  • Provide a broad assessment of its ML/TF risks
  • Enhance understanding of them
  • Develop effective strategies to address them

The country has also conducted sector-specific risk assessments, including those on:

  • The gambling sector
  • New technologies
  • Legal persons and arrangements

Private Sector Consultative Forum

The Private Sector Consultative Forum (PSCF) brings together industry experts and regulatory bodies to discuss AML/CFT issues and best practices. The forum provides a platform for stakeholders to share information and collaborate on AML/CFT initiatives.

Competent Authorities

Ireland’s Competent Authorities are responsible for implementing sanctions and AML/CFT regulations, including:

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

Sanctions Regime

Sanctions are legally binding measures that can be taken against individuals, entities, or countries. In Ireland, sanctions are implemented through EU Council Decisions and Regulations, which are directly applicable in Irish law. The country has a comprehensive list of Statutory Instruments (SIs) that provide for domestic offenses and penalties for breach of sanctions.

Contact Information

For queries related to AML/CFT regulations and sanctions, contact the relevant Competent Authority or refer to the EU and UN Consolidated Lists of Sanctions.

This upgrade is a testament to Ireland’s commitment to fighting money laundering and terrorist financing. The country will continue to work towards strengthening its AML/CFT framework and implementing new technologies to stay ahead of emerging threats.