Financial Crime World

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Ireland Tackles Financial Crime with Robust Prevention Methods

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Ireland has established a robust legal framework to combat financial crime, including money laundering, terrorism financing, and fraud.

Defining Financial Crimes

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 sets out the legal definition of money laundering as an offence, which includes:

  • Concealing or disguising the true nature, source, location, disposition, movement, or ownership of property that is the proceeds of criminal conduct.
  • Providing, collecting, or receiving funds knowing that they will be used to carry out an act intended to cause death or serious bodily injury to a civilian or to intimidate the public.

The Criminal Justice (Terrorist Offences) Act 2005 provides for the prosecution of individuals who engage in terrorism financing activities.

Addressing Fraudulent Transactions

Fraudulent transactions are addressed under Irish law through general fraud offences created by the Criminal Justice (Theft and Fraud Offences) Act 2001. Other offences involving dishonesty are found in a variety of legislative measures, both domestic and EU-derived.

Principal and Secondary Offences

Ireland has established a range of principal and secondary offences related to money laundering, terrorism financing, and fraud, including:

  • Concealing the true nature or source of the proceeds of criminal conduct.
  • Converting, transferring, handling, acquiring, possessing, or using those proceeds.
  • Providing, collecting, or receiving funds knowing that they will be used to carry out an act intended to cause death or serious bodily injury to a civilian.

Approach to Predicate Offences

Ireland’s approach to predicate offences is particularly noteworthy. The country has engaged in “gold plating,” going beyond what was mandated by EU anti-money laundering directives, and has created an exceptionally broad range of predicate offences that include:

  • Drug-related crimes.
  • Tax evasion.
  • Fuel laundering.

De Minimis Rules

De minimis rules are in place to ensure that financial institutions and businesses take adequate measures to prevent money laundering and terrorism financing. There is no de minimis amount below which prosecution is not possible, and customer due diligence must be performed for any business relationship or occasional transactions exceeding €15,000.

Commitment to Preventing Financial Crime

Ireland’s commitment to preventing financial crime is evident in its robust legal framework and proactive approach to combating these serious offences. The country’s efforts are aimed at protecting the integrity of the financial system and safeguarding the public from the harmful effects of money laundering, terrorism financing, and fraud.

Protecting the Integrity of the Financial System

Ireland’s approach is designed to prevent financial crime and protect the integrity of the financial system, ensuring that it remains a safe and secure environment for businesses and individuals alike.