{
  "title": "Ireland: Financial Sector Assessment Program—Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism",
  "publication": "IMF Staff Country Reports, October 21, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/10/20/ireland-financial-sector-assessment-program-technical-note-on-anti-money-laundering-524936",
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  "summary": "While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Domestic money laundering (ML) threats are well understood by the authorities.\n- Ireland faces significant and increasing threats from foreign criminal proceeds as a growing international financial center.\n- ML risks include illicit proceeds from foreign crimes (e.g., corruption, tax crimes).\n- Sectors assessed as medium to high-risk for ML:\n  - Retail and international banks\n  - Trust and company service providers (TCSPs)\n  - Lawyers\n  - Accountants\n- Virtual asset service providers (VASPs) pose emerging risks.\n- Brexit, the recent move of international banks to Dublin, and the COVID-19 pandemic increased money laundering risks faced by Ireland.\n- 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."
    },
    {
      "heading": "Drivers of elevated ML/TF risk",
      "content": "- Ireland’s role as a growing international financial center exposes it to inherent transnational ML/TF risks.\n- Illicit proceeds originating from foreign crimes (for example, corruption and tax crimes) are a prominent source of ML risk.\n- Structural and event-driven changes increasing risk:\n  - Brexit\n  - Recent relocation of international banks to Dublin\n  - COVID-19 pandemic"
    },
    {
      "heading": "Gaps in risk understanding and supervisory priorities",
      "content": "- Need for increased focus on risks related to transnational illicit financial flows.\n- 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.\n- 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.\n- The results of the proposed thematic assessment should be published to:\n  - Improve understanding of transnational ML/TF risks\n  - Feed into anti-money laundering and combating the financing of terrorism (AML/CFT) policy priorities going forward"
    },
    {
      "heading": "Key publication identifiers",
      "content": "- Pages: 18\n- Volume: 2022\n- Issue: 324\n- DOI: https://doi.org/10.5089/9798400222795.002\n- Stock No: 1IRLEA2022012\n- ISBN: 9798400222795\n- ISSN: 1934-7685\n\nInternational 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.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: October 21, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400222795.002",
    "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:",
    "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.",
    "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:",
    "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:",
    "Pages: 18",
    "Volume: 2022",
    "Issue: 324",
    "DOI: https://doi.org/10.5089/9798400222795.002",
    "Stock No: 1IRLEA2022012",
    "ISBN: 9798400222795",
    "ISSN: 1934-7685",
    "**Executive Summary**"
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