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Ireland Makes Significant Progress in Combating Money Laundering and Terrorist Financing

Dublin, Ireland - In a major milestone for the country’s efforts to combat money laundering and terrorist financing, Ireland has made significant progress in upgrading its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Progress Report

According to the latest report from the Financial Action Task Force (FATF), Ireland has upgraded several recommendations related to:

  • New technologies
  • Jurisdictions identified as “higher risk”
  • Regulation and supervision of financial institutions

The country’s Fourth Follow-Up Report also highlighted its progress in customer due diligence, with a recommendation upgrade to “largely compliant”.

Guidelines and Regulations

The Central Bank of Ireland developed guidelines for credit and financial institutions to understand their AML/CFT obligations following the transposition of the Fourth Anti-Money Laundering Directive. These guidelines were subsequently updated in 2021 to reflect requirements following the transposition of the Fifth Anti-Money Laundering Directive, including the extension of AML/CFT obligations to Virtual Asset Service Providers.

National Risk Assessment

Ireland has also produced a National Risk Assessment (NRA) to assess the country’s ML/TF risks and develop effective strategies to address them. Sector-pecific risk assessments have been conducted for emerging risks in various sectors, including:

  • Gambling
  • New technologies
  • Legal persons and arrangements

Private Sector Consultative Forum

The Private Sector Consultative Forum (PSCF) is an AML/CFT information-sharing network that fosters discussion and information-sharing on financial crime prevention practices, processes, sanctions, and evolving threats and vulnerabilities. The PSCF meets monthly and includes members from the banking and insurance sectors, as well as law enforcement agencies.

Sanctions

Sanctions are also a key area of focus for Ireland, with EU and UN sanctions implemented through EU Council Decisions and Regulations. Statutory Instruments (SIs) are frequently made to provide for a domestic offence for breach of sanctions and related penalties.

Conclusion

Ireland’s significant progress in upgrading its AML/CFT measures demonstrates the country’s commitment to combating money laundering and terrorist financing. The government’s efforts to implement robust regulations and guidelines, as well as engage with the private sector and international organizations, have helped to strengthen the country’s anti-money laundering framework.

Additional Resources

For more information on sanctions regimes and competent authorities in Ireland, please contact:

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