Ireland’s Efforts to Prevent Money Laundering Receive Mixed Reviews in Latest FATF Assessment

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The Financial Action Task Force (FATF) has released its latest report on Ireland’s implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures. The assessment highlights both progress made by the country and areas that require improvement.

Strengths and Weaknesses

While Ireland received ratings of “compliant” or “largely compliant” in most areas assessed, it was found to be “partially compliant” in several others. Specifically:

• Compliant/ Largely Compliant:
  • National cooperation and coordination mechanisms
  • Confiscation and provisional measures
  • Customer due diligence requirements
• Partially Compliant:
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking
  • Money or value transfer services

Areas for Improvement

The report identifies several areas where Ireland needs to improve, including:

• Regulation and Supervision: The country’s regulation and supervision of certain types of businesses, such as non-profit organizations and designated non-financial businesses and professions (DNFBPs), need strengthening.
• Targeted Financial Sanctions: Ireland lacks implementation of targeted financial sanctions related to proliferation and terrorism.

Commitment to Improvement

Ireland’s authorities have committed to addressing these shortcomings and implementing additional measures to strengthen the country’s AML/CFT regime. The report notes that Ireland has a good track record of cooperating with international partners and is well-placed to address any remaining gaps.

Importance of FATF Assessment

The FATF’s assessment is an important step in ensuring that Ireland’s financial system remains robust and secure, and that it meets its international obligations to prevent money laundering and terrorist financing. The country’s authorities will need to continue to work closely with the FATF and other stakeholders to ensure that these measures are effective and sustainable.

Overall, while Ireland has made progress in some areas, there is still room for improvement. By addressing the identified shortcomings and continuing to cooperate with international partners, Ireland can further strengthen its AML/CFT regime and maintain a robust financial system.