Financial Crime World

Ireland’s Banking Sector Takes Step Forward in Anti-Money Laundering Efforts

National Risk Assessments Provide Deeper Understanding of Money Laundering and Terrorist Financing Risks

Ireland has conducted a comprehensive review of its money laundering and terrorist financing risks, providing a deeper understanding of these threats and informing effective strategies to combat them. This effort marks a significant step forward in the country’s efforts to combat money laundering and terrorist financing.

History of National Risk Assessments

Ireland’s first-ever anti-money laundering and combating the financing of terrorism (AML/CFT) national risk assessment was published in 2016, with an updated version released in 2019. This exhaustive study provides a broad overview of Ireland’s ML/TF risks, enabling authorities to better comprehend these threats and develop targeted approaches to mitigate them.

Sector-Specific Reviews

In addition to the national risk assessments, sector-specific reviews have been conducted to examine emerging risks or provide greater insight into specific sectors of the economy. To date, four such assessments have been produced:

  • Gambling Sector (2018): An assessment of the gambling sector’s ML/TF risks.
  • New Technologies (2019): A review of the ML/TF risks associated with new technologies.
  • Legal Persons and Legal Arrangements (2020): An examination of the ML/TF risks inherent in legal persons and legal arrangements.
  • Trust or Company Service Providers (2022): A study on the ML/TF risks associated with trust or company service providers.

Findings and Impact

These assessments aim to identify and assess the ML/TF risks inherent within each sector, ultimately informing measures to mitigate these threats. The findings of these reviews will help banking regulators and financial institutions better understand their role in preventing money laundering and terrorist financing.

The publication of these reports marks a significant step forward in Ireland’s efforts to combat money laundering and terrorist financing. By shedding light on the country’s ML/TF risks, authorities can develop targeted strategies to prevent these crimes and protect the integrity of its financial system.

Conclusion

Ireland’s national risk assessments and sector-specific reviews demonstrate the country’s commitment to combating money laundering and terrorist financing. These efforts will help ensure the integrity of Ireland’s financial system and contribute to a safer and more secure global financial environment.