Action plan to tackle financial crime, money laundering

The Government has launched an action plan to strengthen the State’s response to financial crime, money laundering, and terrorist financing.

Tánaiste Simon Harris and Minister for Justice Jim O’Callaghan announced 30 new actions, including measures aimed at improving intelligence sharing between State agencies to identify criminals more quickly, strengthening oversight of crypto-assets and gambling, as well as increasing transparency around company ownership and control.

Ensuring financial institutions keep pace with new technologies – including AI and crypto – so criminals cannot exploit them, is also among the measures.

Meanwhile, a dedicated national group, including the Defence Forces, An Garda Síochána, the Central Bank and Revenue, will be established to coordinate efforts against terrorist financing and sanctions evasion.

The action plan is being published alongside the latest National Risk Assessment (NRA) on money laundering, terrorist financing, and proliferation financing.

According to the NRA, there has been an increase in the money-laundering risk faced by crypto-asset providers, fund management companies, and remote bookmakers since 2019.

However, the assessment also found there is a moderate threat of money laundering, and low threats from terrorist financing and proliferation financing.

Commenting on the plan, Mr Harris said financial crime is “not a victimless crime”, adding “behind every fraud, scam and money laundering operation are real victims, real communities and real economic consequences”.

In relation to the National Risk Assessment, Mr O’Callaghan said it “provides a comprehensive picture of the threats facing Ireland”.

He added that the 30-point action plan offers “a practical roadmap to strengthen cooperation across Government, law enforcement, regulators and industry to keep Ireland’s response effective and fit for purpose”.