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Financial Crime Definition in Ireland: A Comprehensive Overview

In recent years, financial crime has become a major concern for governments and law enforcement agencies around the world. Ireland is no exception, with its authorities taking a proactive approach to combating money laundering, terrorism financing, and fraud.

Money Laundering

According to Section 7(1) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, money laundering is defined as:

  • Engaging in any act related to property that is the proceeds of criminal conduct
  • Concealing or disguising the true nature, source, location, disposition, movement, or ownership of such property
  • Converting, transferring, handling, acquiring, possessing, or using it

To be guilty of money laundering, an individual must know or believe (or be reckless as to whether or not) that the property in question is the proceeds of criminal conduct.

Principal and Secondary Offenses

The Act provides for a range of principal and secondary offenses related to money laundering, including:

  • Attempting to commit such an offense
  • Failing to carry out customer due diligence
  • Concealing or disguising the true nature or source of the proceeds

Terrorism Financing

Section 13 of the Criminal Justice (Terrorist Offences) Act 2005 defines terrorism financing as:

  • Providing, collecting, or receiving funds with the intention that they be used, in whole or in part, to carry out an act that constitutes an offense under Irish law
  • Intending to cause death or serious bodily injury to a civilian
  • The purpose of which is to intimidate a population or compel a government or international organization to do or abstain from doing a particular act

Principal and Secondary Offenses

The Act also provides for a range of principal and secondary offenses related to terrorism financing, including:

  • Attempting to commit such an offense
  • Providing or collecting funds with knowledge that they will be used to carry out an act intended to cause death or serious bodily injury
  • Receiving funds with knowledge that they were obtained through the commission of an offense

Fraud

General fraud offenses or offenses of dishonesty are created by the Criminal Justice (Theft and Fraud Offences) Act 2001. These offenses include:

  • Fraudulent transactions
  • False accounting
  • Other forms of dishonest conduct

Principal and Secondary Offenses

The Act also provides for a range of principal and secondary offenses related to fraud, including:

  • Attempting to commit such an offense
  • Falsifying documents or records
  • Making false representations

Predicate Offenses

A predicate offense is defined as a criminal offense that serves as the basis for a money laundering or terrorism financing offense. In Ireland, predicate offenses include:

  • Drug offenses
  • Tax evasion
  • Fuel laundering
  • Other serious crimes

De Minimis Rules

In Ireland, there is no de minimis amount below which money laundering or terrorist financing prosecution is not possible. Similarly, there is no minimum amount below which anti-money laundering or counter-terrorism financing due diligence does not arise where there is a business relationship.

However, occasional transactions that do not involve a business relationship may trigger customer due diligence if they reach a threshold of €15,000.

Conclusion

Financial crime definition in Ireland is a complex and multifaceted issue. The country’s laws provide for a range of offenses related to money laundering, terrorism financing, and fraud, as well as principal and secondary offenses that are punishable under the law. Predicate offenses include drug offenses, tax evasion, fuel laundering, and other serious crimes. De minimis rules apply in Ireland, with no minimum amount below which prosecution is not possible or due diligence does not arise.