Financial Crime World

IRELAND UPGRADED ON FATF RECOMMENDATIONS FOR FINANCIAL REGULATION AND SUPERVISION

Dublin, Ireland - In a significant development, Ireland has been upgraded on several key recommendations by the Financial Action Task Force (FATF) for its efforts in regulating and supervising financial institutions.

Effective Measures to Combat Money Laundering and Terrorist Financing

Ireland’s upgrade comes as a result of its continued progress in implementing effective measures to combat money laundering and terrorist financing. The country has been recognized for its efforts in strengthening its anti-money laundering guidelines, including:

  • Updated Guidelines: The Central Bank of Ireland developed guidelines to assist credit and financial institutions in understanding their obligations. These guidelines were updated in 2021 to reflect new requirements following the transposition of the Fifth Anti-Money Laundering Directive.
  • Comprehensive Risk Assessment: Ireland’s National Risk Assessment (NRA) provides a broad assessment of the country’s money laundering and terrorist financing risks, enhancing understanding and developing effective strategies to address them.

Effective Information-Sharing Network

The Private Sector Consultative Forum (PSCF), an AML/CTF information-sharing network, has been praised for fostering dialogue between designated persons, competent authorities, and public agencies on financial crime prevention practices. The PSCF aims to:

  • Raise Standards: Achieve best practice in the prevention and detection of financial crime
  • Enhance Cooperation: Encourage collaboration among stakeholders to prevent financial crime

Supervision and Compliance

Ireland’s competent authorities, including:

  • Central Bank of Ireland
  • Designated Accountancy Bodies
  • Law Society of Ireland
  • Bar Council
  • Legal Services Regulatory Authority
  • Property Services Regulatory Authority
  • Minister for Justice

have been recognized for their role in supervising designated persons and ensuring compliance with anti-money laundering requirements.

Effective Sanctions Regimes

Ireland has also implemented effective sanctions regimes, including:

  • EU and UN Sanctions: Enforced by various competent authorities
  • Department of Foreign Affairs and Trade: Responsible for foreign policy and representing Ireland internationally
  • Department of Enterprise, Trade and Employment: Enforces trade-related sanctions
  • Central Bank of Ireland: Administers and supervises financial sanctions

Commitment to Combating Money Laundering and Terrorist Financing

Ireland’s upgrade on FATF recommendations reflects its commitment to combating money laundering and terrorist financing, demonstrating its ability to effectively regulate and supervise financial institutions.