Ireland Takes a Tough Stance on Money Laundering Prevention Measures

The Global Threat of Money Laundering

The global financial system has long been vulnerable to money laundering, with criminals and terrorist financiers exploiting weaknesses in the system to their advantage. However, in recent years, the European Union has taken significant steps to combat this threat, and Ireland is no exception.

Irish Measures to Prevent Money Laundering

In response to the risks posed by money laundering, the Irish government has implemented a range of measures to prevent and detect these activities. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the Criminal Justice Act 2013, sets out the legal framework for anti-money laundering (AML) and countering the financing of terrorism (CFT) in Ireland.

Deloitte’s Expertise in AML/CFT

Deloitte, a leading professional services firm, has extensive experience in providing AML/CFT support to clients. The company’s expertise in this area is demonstrated through its involvement in producing the AML/CFT Core Guidelines, conducting Central Bank inspections for the funds and banking industry, and developing market-leading AML enhancement programs.

Increased Transparency and Accountability

Ireland has also implemented measures to increase transparency and accountability in corporate ownership. As of November 15th, 2016, most corporate entities incorporated in Ireland are required to maintain accurate and up-to-date information on their beneficial owners.

European Commission’s Action Plan

The European Commission has also taken steps to strengthen the fight against money laundering and terrorist financing. In February 2016, it published an Action Plan to further combat these threats, following recent terror attacks in Europe.

Central Bank of Ireland Report

In addition, the Central Bank of Ireland issued a report in November 2015 highlighting areas for improvement in AML/CFT compliance within the Irish funds sector. While this report focused on the funds industry, its findings have implications for the broader financial services sector in Ireland.

The Fourth EU Anti-Money Laundering Directive

The Fourth EU Anti-Money Laundering Directive is expected to be enacted soon, aimed at removing ambiguities and improving consistency of AML/CTF rules across all EU Member States.