Financial Crime World

Ireland Makes Significant Progress in Combating Money Laundering and Terrorist Financing

Ireland has made significant progress in enhancing its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework, according to the Financial Action Task Force (FATF). This achievement is a major milestone for the country.

Key Upgrades

Since the 2017 Mutual Evaluation Report, Ireland has upgraded its compliance with 11 FATF Recommendations. The key upgrades include:

  • Improvements in new technologies
  • Enhanced regulations and supervision of financial institutions
  • Better management of jurisdictions identified as “higher risk”

Ireland’s previous rating of “Largely Compliant” on the Recommendation related to Customer Due Diligence was also upheld, following an assessment of new measures implemented.

Strengthening AML/CFT Framework

To further strengthen its AML/CFT framework, Ireland has established a number of key measures, including:

  • Establishing a dedicated Anti-Money Laundering Compliance Unit within the Department of Justice
  • Enhancing sanctions regime through collaboration with relevant authorities

The country’s sanctions regime is being strengthened to ensure effective implementation of EU and UN sanctions. Relevant Statutory Instruments (SIs) have been made to provide for a domestic offence for breach of sanctions and related penalties.

Guidance for Designated Persons

Designated persons are advised to refer to the EU and UN Consolidated Lists of Sanctions in the first instance to ensure the most up-to-date notification of sanctioned individuals. Queries relating to specific elements of sanctions regimes should be directed to the relevant Competent Authorities, which include:

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

Commitment to Combating Money Laundering and Terrorist Financing

Ireland’s commitment to combating money laundering and terrorist financing is evident in its strong legislative framework, robust supervision, and effective enforcement. The country will continue to work closely with international partners to ensure that its AML/CFT framework remains robust and effective.

Contact Information

If you have any queries or concerns, please contact:

  • [Name], Minister for Justice Phone: [phone number] Email: [email address]