Financial Crime World

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Ireland’s Fight Against Money Laundering and Terrorist Financing: Progress Report

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DUBLIN, IRELAND - In a significant development, Ireland has made substantial progress in its efforts to combat money laundering and terrorist financing (ML/TF). The country’s Second Follow-Up Report to the Financial Action Task Force (FATF) in 2019 highlighted several upgraded recommendations, including those related to new technologies, jurisdictions identified as “higher risk”, and the regulation and supervision of financial institutions.

Strategies and Initiatives

In addition to its reports to FATF, Ireland has implemented various strategies and initiatives to prevent money laundering and terrorist financing. These include:

  • Anti-Money Laundering Guidelines (AML): Developed by the Central Bank of Ireland, these guidelines assist credit and financial institutions in understanding their AML/CFT obligations.
  • National Risk Assessment (NRA): Conducted by the Financial Intelligence Unit, this assessment identifies risks related to ML/TF and informs policy and operational responses.
  • Competent Authorities: Designated entities responsible for implementing and enforcing sanctions, including the Department of Foreign Affairs and Trade, Department of Enterprise, Trade and Employment, and Central Bank of Ireland.

Sanctions

Ireland has also implemented various sanctions regimes, including those adopted by the United Nations Security Council and the European Union. These sanctions aim to disrupt the financial networks of terrorist organizations and other malicious actors.

Contacts

Designated persons seeking information on specific aspects of a sanctions regime are advised to contact the relevant Competent Authority. The EU and UN Consolidated Lists of Sanctions are also available online, providing up-to-date information on sanctioned individuals and entities.

Conclusion

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Ireland’s continued commitment to combating money laundering and terrorist financing is a testament to its dedication to protecting the integrity of its financial system and promoting global stability.