Ireland has a sound and substantially effective regime to tackle money laundering and terrorist financing, but could do more to obtain money laundering and terrorist financing convictions and demonstrate its effectiveness in confiscating proceeds of crime.
The FATF conducted an assessment of Ireland’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations.
This assessment reviews both the level of effectiveness of Ireland’s AML/CFT regime as well as its level of technical compliance with the FATF Recommendations.
Generally, Ireland has a good understanding of the money laundering and terrorist financing risks it faces.
It has broadened this understanding to relevant agencies and the private sector through effective national cooperation and coordination.
Ireland’s national risk assessment demonstrated an appreciation of the risks it could face from beyond its borders, but given its position as an important regional and international financial centre, it could further refine its understanding of international money laundering risks.
Both the Central Bank of Ireland and the Department of Justice and Equality follow a risk-based approach in the supervision of their respective sectors and have established good cooperation with financial institutions and designated non-financial businesses and professions.
Coordination, cooperation and the use of financial intelligence are strong points of the Irish AML/CFT framework.
A range of competent agencies routinely access financial information on short notice to assist in their investigations.
Irish authorities have also demonstrated that they cooperate internationally on money laundering and terrorist financing issues and are handling an increasing number of requests for assistance.
Ireland has sound laws to pursue money laundering and asset confiscation but has not yet achieved convictions after trial and has only been moderately successful in confiscating criminal proceeds.
Ireland prioritises counter-terrorism efforts and has secured terrorism-related convictions but it should more actively pursue the prosecution of terrorist financing.
Ireland demonstrated that it has a generally sound AML/CFT framework but it must implement further measures, including additional resources to money laundering investigations.
Some of these measures are forthcoming and will further strengthen the effectiveness of Ireland’s efforts to tackle money laundering and terrorist financing.
This report was adopted by the FATF at its Plenary meeting in June 2017.
Source: The FATF (Financial Action Task Force) News