Ireland: Financial Sector Assessment Program—Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism
IMF Staff Country Reports, October 21, 2022
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- Ireland: Financial Sector Assessment Program—Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism
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Bibliographic details
- Published: October 21, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400222795.002
Summary findings
- Domestic money laundering (ML) threats are well understood by the authorities.
- Ireland faces significant and increasing threats from foreign criminal proceeds as a growing international financial center.
- ML risks include illicit proceeds from foreign crimes (e.g., corruption, tax crimes).
- Sectors assessed as medium to high-risk for ML:
- Retail and international banks
- Trust and company service providers (TCSPs)
- Lawyers
- Accountants
- Virtual asset service providers (VASPs) pose emerging risks.
- Brexit, the recent move of international banks to Dublin, and the COVID-19 pandemic increased money laundering risks faced by Ireland.
- The Central Bank of Ireland (Central Bank) has deep and robust experience in assessing and understanding domestic ML/TF risks, but an increased focus on transnational illicit financial flows is required.
Drivers of elevated ML/TF risk
- Ireland’s role as a growing international financial center exposes it to inherent transnational ML/TF risks.
- Illicit proceeds originating from foreign crimes (for example, corruption and tax crimes) are a prominent source of ML risk.
- Structural and event-driven changes increasing risk:
- Brexit
- Recent relocation of international banks to Dublin
- COVID-19 pandemic
Gaps in risk understanding and supervisory priorities
- Need for increased focus on risks related to transnational illicit financial flows.
- Recommendation for a thematic risk assessment by the Anti-Money Laundering Steering Committee (AMLSC) focused on international ML/TF risks to enhance authorities’ risk understanding and to support effective response amid rapid financial sector growth.
- Introducing data analytics tools, including machine learning, is recommended to leverage potentially available big data on cross-border payments for efficient detection of emerging risks.
- The results of the proposed thematic assessment should be published to:
- Improve understanding of transnational ML/TF risks
- Feed into anti-money laundering and combating the financing of terrorism (AML/CFT) policy priorities going forward
Key publication identifiers
- Pages: 18
- Volume: 2022
- Issue: 324
- DOI: https://doi.org/10.5089/9798400222795.002
- Stock No: 1IRLEA2022012
- ISBN: 9798400222795
- ISSN: 1934-7685
International Monetary Fund. Monetary and Capital Markets Department "Ireland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism", IMF Staff Country Reports 2022, 324 (2022), accessed 9/11/2026, https://doi.org/10.5089/9798400222795.002.
Content in this bundle
- Executive Summary