Ireland Enhances Anti-Money Laundering Measures for Virtual Assets

Dublin, Ireland - A Significant Step Forward in Combating Money Laundering and Terrorist Financing

Ireland has made substantial progress in implementing enhanced anti-money laundering (AML) measures for virtual assets. According to the Financial Action Task Force (FATF), Ireland has largely complied with the new requirements introduced by Recommendation 15, which focuses on virtual assets and virtual asset service providers (VASPs).

Key Improvements

• Conducted a sectoral national risk assessment on new technologies, including virtual assets and VASPs
• Required VASPs to be registered and obtain beneficial ownership information
• Empowered the Central Bank to supervise VASPs and apply sanctions for non-compliance

Progress Made

Ireland has made significant progress in addressing technical compliance issues. The FATF has re-rated Ireland as “largely compliant” on Recommendation 15.

“We are pleased with the progress we have made in strengthening our AML/CTF measures,” said a senior official from the Irish authorities. “We will continue to work closely with the FATF and other international partners to ensure that our efforts remain effective in combating money laundering and terrorist financing.”

Positive Impact

Ireland’s commitment to enhancing its AML regime is expected to have a positive impact on the country’s financial sector, providing greater protection for businesses and consumers alike.

Accessing the Full Report

The full report can be accessed on the FATF website: www.fatf-gafi.org.