Ireland's measures to combat money laundering and the financing of terrorism and proliferation

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English

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Mutual Evaluation of Ireland, 2017

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MER-Ireland-2017.pdf
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Paris, 7 September 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 measures to combat money laundering and terrorist financing. 

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.      

  

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Ireland Mutual Evaluation - 2017

4th Round

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
LC
R.15 - New technologies
PC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
NC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
PC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
PC
R.33 - Statistics
PC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
C
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ireland Mutual Evaluation - 2017

4th Round

IO1
SE
IO2
SE
IO3
SE
IO4
ME
IO5
ME
IO6
SE
IO7
ME
IO8
ME
IO9
ME
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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