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Ireland Makes Progress in Anti-Money Laundering and Terrorist Financing Efforts

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Dublin, Ireland - The Financial Action Task Force (FATF) has upgraded its assessment of Ireland’s efforts to combat money laundering and terrorist financing. This upgrade comes after Ireland submitted its Fourth Follow-Up Report in 2021, which demonstrated significant progress in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Improved Risk Assessment and Mitigation Strategies

Ireland’s report highlighted improved risk assessment and mitigation strategies, as well as enhanced customer due diligence practices. The country also received praise for its updated guidelines on AML/CFT for credit and financial institutions, which now include Virtual Asset Service Providers.

National Risk Assessment (NRA)

Ireland’s NRA was recognized for its thoroughness and comprehensiveness, aiming to provide a broad understanding of Ireland’s ML/TF risks and develop effective strategies to address them.

Private Sector Consultative Forum (PSCF)

The PSCF was commended for its role in promoting information-sharing and best practices among financial institutions and other stakeholders. The forum brings together designated persons, competent authorities, and public agencies to discuss AML/CFT issues and share knowledge on emerging threats and vulnerabilities.

Competent Authorities

Ireland’s competent authorities, including the Central Bank of Ireland, the Designated Accountancy Bodies, and the Law Society of Ireland, were recognized for their effective supervision and enforcement of AML/CFT regulations.

Sanctions Regime

The country’s sanctions regime was commended for its robust implementation of EU and UN sanctions. The relevant Competent Authorities, including the Department of Foreign Affairs and Trade, the Department of Enterprise, Trade and Employment, and the Central Bank of Ireland, work together to ensure that sanctions are effectively enforced.

Government Response

“We are pleased with the FATF’s assessment and recognition of our efforts to combat money laundering and terrorist financing,” said a spokesperson for the Irish government. “We will continue to work tirelessly to improve our AML/CFT framework and ensure that we remain compliant with international standards.”

Positive Implications

Ireland’s progress in this area is expected to have positive implications for its financial sector, as well as for its international reputation. The country’s commitment to combating money laundering and terrorist financing demonstrates its commitment to maintaining a safe and stable financial environment.

Contact

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For more information on Ireland’s anti-money laundering and combating the financing of terrorism efforts, please contact [insert contact information].