Tánaiste launches Ireland’s first national anti-money laundering strategy
Kenneth Fox
Tánaiste and Minister for Finance Simon Harris launched Ireland’s first National Anti-Money Laundering Strategy on Thursday.
The strategy looks to strengthen Ireland’s anti-money laundering framework and deliver a whole-of-government approach to preventing criminals, fraudsters and terrorist financiers from exploiting Ireland’s financial system.
The Tánaiste said it sends a clear message that Ireland will continue to take a robust approach to tackling organised crime, strengthening financial integrity and maintaining the country’s reputation as one of the safest and most trusted places in Europe to do business.
The National Anti-Money Laundering Strategy is built around strategic priorities which include:
● Strengthening national coordination;
● Better identifying and understanding financial crime risks;
● Delivering a stronger regulatory framework;
● Building capability across Government and the private sector and enhancing international cooperation.
This includes a series of significant reforms to bolster anti-money laundering rules for crypto-assets and crypto transfers, making it more difficult for criminals to move illicit funds anonymously.
It will aim to increase transparency around company ownership, making it harder for criminals to hide behind complex corporate structures.
The reforms include modernising financial intelligence capabilities and strengthening intelligence sharing among Government Departments, the Garda Síochána, Revenue, the Criminal Assets Bureau, and other relevant organisations.
Launching the Strategy, the Tánaiste 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.
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