INSIGHT: Ireland launches first national AML strategy — here are the key financial crime reforms

By PAUL O’DONOGHUE, Senior Correspondent

IRELAND has launched its first national anti-money laundering strategy, setting out a series of reforms aimed at tackling financial crime.

The government said the strategy is the “most significant strengthening of Ireland’s financial crime framework in years”.

Key reforms include:

Crypto

• Strengthening AML rules for crypto-assets and crypto transfers.
• These include enhanced checks on transfers involving private crypto wallets and stricter due diligence when dealing with overseas crypto firms.

Gambling

• Gambling companies must adopt a ‘closed loop’ system. This is where payments to customers are made using the same payment account used for depositing funds.
• Casino clubs operating machine-based gambling will be brought under a more ‘robust’ AML framework. The government did not specify what this will include.
• Officials will establish ‘a source of funds’ standard relating to the acceptance of crypto-related activities. This is to ensure appropriate due diligence is performed.

Beneficial ownership

• The state will establis three Registers of Beneficial Ownership information. The three organisations are – the Central Bank, Revenue (tax agency) and the Companies Registration Office.
• Establish a a single point of access to real estate information (as per the EU’s latest AML Directive)

Sanctions

• The Department of Finance will establish a listing proposal form to be used by National Competent Authorities when submitting proposed designations of persons to the EU or the UN Security Council.
• The government will introduce enhanced information sharing arrangements between supervisory bodies and law enforcement around sanctions.

Ireland money laundering reforms

Simon Harris, Irelanad’s Tánaiste (deputy prime minister)and Minister for Finance, said the reforms would help Ireland respond to increasingly sophisticated financial crime threats.

“Criminal organisations are exploiting new technologies, crypto-assets and complex international financial networks to conceal criminal profits. [The] government must continue to stay ahead of those threats,” Harris said.

The strategy focuses on five priorities:

• Strengthening national coordination.
• Better identifying and understanding of financial crime risks.
• Delivering a stronger regulatory framework.
• Building capability across Government and the private sector.
• Enhancing international cooperation.

The strategy follows the publication of Ireland’s 2026 National Risk Assessment on money laundering, terrorist financing and proliferation financing, alongside a related priority action plan.

Mr Harris said implementation was already underway and would involve Government departments, law enforcement agencies, regulators and the private sector.

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