Financial Crime World

Ireland’s Anti-Money Laundering and Terrorist Financing Regime Praised, But Calls for Improvement Made

The Financial Action Task Force (FATF) has published a report assessing Ireland’s efforts to combat money laundering and terrorist financing. The report concludes that Ireland has a sound and substantially effective regime in place, but urges the country to take further steps to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework.

Strengths of Ireland’s AML/CFT Regime

  • Good understanding of the risks faced from money laundering and terrorist financing, both domestically and internationally
  • Robust national risk assessment, effective coordination and cooperation between relevant agencies and the private sector
  • Central Bank of Ireland and Department of Justice and Equality praised for their risk-based approach to supervising financial institutions and designated non-financial businesses and professions
  • Financial intelligence is readily available and accessible to investigators, facilitating a strong response to AML/CFT threats

Challenges and Recommendations

  • Provide additional resources to money laundering investigations
  • More actively pursue prosecution of terrorist financing cases
  • Refine understanding of international money laundering risks
  • Further enhance cooperation with foreign authorities

The report noted that while Ireland has made significant progress in combating terrorism, securing convictions and disrupting terrorist financing networks, there are areas where improvement is needed. The country’s laws and regulations are considered sound, but provisions for pursuing money laundering and asset confiscation need to be more effectively implemented.

Conclusion

Ireland’s AML/CFT regime was assessed by the FATF at its June 2017 plenary meeting, marking a significant milestone in the country’s efforts to combat financial crime. With these recommendations in place, Ireland is poised to strengthen its AML/CFT framework and reinforce its position as an important regional and international financial centre.