Money Laundering in Ireland: What You Need to Know
Ireland’s efforts to combat money laundering have been reviewed by international authorities, with some areas requiring improvement. The country received mixed ratings across various aspects of its anti-money laundering (AML) regime.
Progress and Challenges
According to a recent report, Ireland has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) recommendations. However, there are still areas where improvements can be made to ensure the country’s AML regime is robust and effective.
Compliant Areas
- National cooperation and coordination framework
- Money laundering offence provisions
- Confiscation measures
- Comprehensive customer due diligence system
This system helps to identify and prevent suspicious transactions. Ireland also has a comprehensive customer due diligence system in place, which assists in identifying and preventing suspicious transactions.
Non-Compliant Areas
- Financial institution secrecy laws (partially compliant with FATF requirements)
- Sanctions regime (needs further improvement)
Recommendations for Improvement
The report suggests that Ireland’s AML regime could benefit from:
- Greater transparency
- Beneficial ownership requirements for legal persons and arrangements
- Strengthening regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs)
Overall, while Ireland has made significant progress in implementing the FATF recommendations, there are still areas where improvements can be made to ensure the country’s AML regime is effective in combating money laundering and terrorist financing.