New strategy means 'Ireland will not be a safe place to launder criminal proceeds', says Tánaiste

Tanaiste and Finance Minister Simon Harris said Ireland’s first anti-money laundering strategy was the 'most significant strengthening of Ireland’s anti-money laundering framework in years'. File picture

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.

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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, gardaí, Revenue, FIU Ireland, the Criminal Assets Bureau, the Central Bank and financial institutions.

He said: “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."

He said 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.