Follow-Up Report Ireland 2019
12 November 2019 – Since the 2017 assessment of Ireland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.
Ireland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2017. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then.
To reflect Ireland’s progress, the FATF has now re-rated the country on the following Recommendations:
2 – National cooperation and coordination from largely compliant to compliant
12 – Politically exposed persons from partially compliant to compliant
15 – New technologies from partially compliant to largely compliant
16 – Wire transfers from partially compliant to compliant
18 – Internal controls and foreign branches and subsidiaries from partially compliant to largely compliant
19 – Higher-risk countries from non-compliant to largely compliant from partially compliant to largely compliant
25 – Transparency and beneficial ownership of legal arrangements from partially compliant to largely compliant
26 – Regulation and supervision of financial institutions from largely compliant to compliant
29 – Financial intelligence unit from partially compliant to compliant
31 - Powers of law enforcement and investigative authorities from largely compliant to compliant
34 - Guidance and feedback from largely compliant to compliant
The report also looks at whether Ireland’s measures meet the requirements of FATF Recommendations that have changed since the 2017 mutual evaluation. The FATF agreed to maintain the rating of partially compliant for Recommendation 7 (Targeted financial sanctions related to proliferation) and maintain Recommendation 21 (Tipping-off and confidentiality) as compliant.
Today, Ireland is compliant on 17 Recommendations of the 40 Recommendations and largely compliant on 16 of them. It remains partially compliant on 7 of the 40 Recommendations.
Ireland will move from enhanced to regular follow-up and will continue to report back to the FATF on progress to strengthen its implementation of AML/CFT measures.