Government to announce first anti-money laundering strategy
The Government has announced Ireland’s first Anti-Money Laundering strategy, which aims to strengthen our response to financial crime.
The National Anti-Money Laundering, Countering Financing of Terrorism and Countering Proliferation Financing Strategy aims to prevent criminals, fraudsters and terrorist financiers from exploiting Ireland’s financial system.
Tánaiste Simon Harris has said that this will send a message that Ireland will take a strong approach in tackling organised crime. This will maintain our reputation as one of the safest and most trusted places in Europe to do business.
The Government say that the strategy will include reforms that will:
Strengthen anti-money laundering rules for crypto-assets and crypto transfers, making it more difficult for criminals to move illicit funds anonymously.
Deliver Ireland’s implementation of the European Union’s new Anti-Money Laundering legislative package, ensuring Ireland remains at the forefront of international best practice.
Increase transparency around company ownership, making it harder for criminals to hide behind complex corporate structures.
Introduce new disclosure requirements for Limited Partnerships and other higher-risk corporate vehicles.
Modernise financial intelligence capabilities to better identify, trace and disrupt criminal financial networks.
Strengthen intelligence sharing between Government Departments, An Garda Síochána, Revenue, FIU Ireland, the Criminal Assets Bureau, the Central Bank and financial institutions.
Tánaiste Simon Harris said: “Financial crime causes real harm to people, families, businesses and communities across Ireland. Behind every scam, every fraud and every money laundering operation are real victims.
“Criminal organisations are becoming increasingly sophisticated. They are exploiting new technologies, crypto-assets and complex international financial networks to conceal criminal profits. Government must continue to stay ahead of those threats.
“This Strategy underpins the most significant strengthening of Ireland’s anti-money laundering framework in years.
“It will give our law enforcement agencies stronger tools, improve intelligence sharing across the State, strengthen oversight of emerging risks and ensure Ireland continues to meet the highest international standards.
“Today’s launch sends a clear message: Ireland will not be a safe place to launder criminal proceeds. We will continue to pursue organised criminals, protect our financial system and safeguard Ireland’s reputation as one of the safest and most trusted places in Europe to live, work and do business.”
“Implementation of the Strategy is already underway and will be delivered through close cooperation between Government departments, law enforcement agencies, regulators and the private sector.
“Together, the reforms will strengthen Ireland’s ability to detect, prevent and disrupt money laundering, terrorist financing and other forms of financial crime while protecting citizens, businesses and the integrity of Ireland’s financial system.”