Ireland’s Financial System Under Scrutiny as Money Laundering Concerns Grow Worldwide
The European Union has taken a tough stance in recent years to combat the growing threat of money laundering and terrorist financing. Ireland, in particular, has been working to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) laws.
Regulatory Framework
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013, transposes European Union law on AML and CFT into Irish law. The Fourth Money Laundering Directive has been published but is yet to be transposed into Irish law.
Deloitte’s Expertise
Deloitte, a leading professional services firm, has extensive experience in providing support for AML and CFT compliance. Our expertise includes:
- Production of AML/CFT Core Guidelines
- Leading Central Bank AML inspections for the funds and banking industry
- Market-leading experience in AML enhancement programmes
Regulatory Developments
As part of its efforts to combat money laundering, Ireland has introduced several regulations and guidelines aimed at improving transparency and accountability within the financial sector. For instance:
- The Beneficial Ownership of Corporate Entities Regulations 2016 came into effect on November 15th, requiring corporate entities to obtain and hold accurate information on their beneficial ownership.
- The European Commission published an Action Plan in February 2016 to strengthen the fight against terrorist financing in light of recent attacks in Europe.
Central Bank Report
The Central Bank of Ireland issued a report on Anti-Money Laundering, Countering the Financing of Terrorism, and Financial Sanctions Compliance in the Irish Funds Sector in November 2015. The report highlights areas for improvement within the sector and provides recommendations for better compliance.
Upcoming Directive
The Fourth EU Anti-Money Laundering Directive is expected to be enacted soon, aiming to remove ambiguities in previous legislation and improve consistency across all EU Member States. The directive aims to provide a stronger framework for AML/CFT measures and enhance cooperation between authorities.
Conclusion
As the global fight against money laundering continues to intensify, Ireland’s financial system remains under scrutiny. Deloitte is well-positioned to support clients in meeting their AML/CFT obligations, with expertise that spans from AML remediation programmes to leading Central Bank inspections. For more information on Deloitte’s services and publications, please contact us.