FATF – Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion

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On Thursday, 7 September 2017, the Financial Action Task Force (“FATF”) released a Mutual Valuation Report on anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) measures in Ireland (the “Report”). This report comments on the AML / CTF measures in place in Ireland during the course of FATF’s on-site visits from 3 to 17 November 2016 and analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Ireland’s AML / CTF system. The report also provides recommendations on how the Irish AML / CTF system could be strengthened.

The Report notes that Ireland has a “generally sound legislative and institutional AML / CTF framework” and praised Ireland for putting measure in place to improve its understanding of risk and national coordination and cooperation. However, it notes that further measures and resources are required for a fully effective AML / CTF system.

The report recognised Ireland’s importance as a regional and international financial centre, as it is amongst the IMF’s 29 systematically important financial centres. In particular, FATF have noted that Ireland’s funds and insurance sectors are well developed with strong international links. However, the report also notes that Ireland faces money-laundering and terrorist financing threats from organised crime groups and former local paramilitary organisations.

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