FATF: Ireland’s measures to combat money laundering and the financing of terrorism and proliferation

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September 7 2017

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.