New crackdown on money laundering targets proceeds of criminal gangs

New laws to combat financial crime will send a message to terrorist organisations and fraudsters that Ireland is “not a safe place to launder criminal proceeds”, Tánaiste Simon Harris has said.

Launching Ireland’s first anti-money laundering strategy, Mr Harris said it would become more difficult for criminal gangs to move funds anonymously or to exploit the financial system.

The strategy will include strengthening the supervision of financial institutions and improving the oversight of sectors such as gambling which are vulnerable to money laundering.

Mr Harris said the strategy was built around a number of priorities, including enhancing international co-operation and delivering a stronger regulatory framework.

Reforms will include strengthening anti-money laundering rules for crypto-assets and crypto transfers, making it more difficult for criminals to move illicit funds anonymously.

The strategy also aims to increase transparency around company ownership, making it harder for criminals to hide behind complex corporate structures.

It will also introduce new disclosure requirements for limited partnerships and other higher-risk corporate vehicles, and modernise financial intelligence capabilities.

The Tánaiste said it will also strengthen intelligence-sharing between government departments, An Garda Síochána, Revenue, FIU Ireland, the Criminal Assets Bureau, the Central Bank and financial institutions.

He 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.”

Mr Harris said it was the “most significant strengthening of Ireland’s anti-money laundering framework in years”.

He added: “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.

“Today’s launch sends a clear message: Ireland will not be a safe place to launder criminal proceeds.

“We will continue to pursue organised criminals, protect our financial system and safeguard Ireland’s reputation as one of the safest and most trusted places in Europe to live, work and do business.

“Implementation of the strategy is already under way and will be delivered through close co-operation between Government departments, law enforcement agencies, regulators and the private sector.

“Together, the reforms will strengthen Ireland’s ability to detect, prevent and disrupt money laundering, terrorist financing and other forms of financial crime while protecting citizens, businesses and the integrity of Ireland’s financial system.”