Financial Crime World

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FATF Recommendations on AML/CFT in Ireland: Report Highlights Areas for Improvement

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A report published recently provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Ireland as of July 2005. The report describes and analyzes these measures, making recommendations on how certain aspects of the system could be strengthened. Additionally, it sets out Ireland’s levels of compliance with the Financial Action Task Force (FATF) 40+9 Recommendations.

Criminal Proceeds in Ireland

According to the report, narcotics offenses provide a significant source of criminal proceeds in Ireland, while fraud-related offenses, tax evasion, and excise duty evasion also contribute to illegal earnings. Criminals, including terrorists, have used various techniques to launder money, with an increasing trend of using financial institutions, businesses, or professions that are not regulated or have a low compliance culture for AML.

Ireland’s Financial Sector

Ireland has a modern international financial services sector, with a wide range of financial services and institutions operating from the jurisdiction. The country is home to:

  • Depository corporations
  • Financial markets
  • Insurance corporations
  • Pension funds
  • Other financial corporations
  • Financial auxiliaries
  • Money remittance dealers
  • Bureaux de change

Designated Non-Financial Businesses and Professions (DNFBPs)

A full range of DNFBPs operate in Ireland, including:

  • Real estate agents
  • Dealers in precious metals and stones
  • Lawyers
  • Accountants
  • Trust and company service providers
  • Private clubs that provide casino-type gaming facilities

Report Methodology and Recommendations

The report was conducted using the FATF Recommendations published in October 2004 and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations. Ireland recognizes the need for an effective AML/CFT regime and is currently updating its ML/TF framework.

Note: This article is based on a report published in July 2005, which assesses Ireland’s AML/CFT measures as of that date. The information may not reflect current developments or updates to Ireland’s AML/CFT regime.