Financial Crime World

Ireland’s Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Efforts Receive Positive Feedback

FATF Assessment: Significant Progress Made

According to the Financial Action Task Force (FATF), Ireland has made significant progress in enhancing its AML/CFT framework. The country’s Second Follow-Up Report was upgraded on 11 FATF Recommendations, including those related to:

  • New technologies
  • Jurisdictions identified as ‘higher risk’
  • Regulation and supervision of financial institutions

Improvement in Customer Due Diligence

Ireland has also demonstrated improvement in Customer Due Diligence, with another FATF Recommendation upgraded in its Fourth Follow-Up Report.

Regulatory Bodies and Responsibilities

The following regulatory bodies play a crucial role in Ireland’s AML/CFT efforts:

  • Central Bank of Ireland: administers and supervises financial sanctions
  • Department of Foreign Affairs and Trade: engages with international bodies and ensures information sharing with relevant government departments and agencies
  • Department of Enterprise, Trade and Employment: enforces trade-related sanctions
  • Law Society of Ireland, Bar Council, and Legal Services Regulatory Authority: regulate professionals in their respective fields

Statutory Instruments (SIs)

The country has implemented a comprehensive list of SIs to provide for domestic offenses related to sanctions breaches and penalties. A ‘whole of government’ approach is taken to implementing sanctions, with various departments and agencies playing important roles.

Future Enhancements

While there have been significant improvements, the authorities continue to work towards further strengthening Ireland’s AML/CFT framework to combat financial crime and protect the integrity of its financial system.

Contact Information

For queries related to specific elements of a sanctions regime, please contact the relevant Competent Authority:

  • Department of Foreign Affairs and Trade: EU and UN sanctions
  • Department of Enterprise, Trade and Employment: trade-related sanctions
  • Central Bank of Ireland: financial sanctions

Designated persons are recommended to refer to the EU and UN Consolidated Lists of Sanctions for up-to-date notifications on sanctioned individuals.