Dublin launches sweeping strategy against terror funding and dirty money
The Irish Government has introduced a broad action plan to fight financial crime, with new rules for charities, gambling firms and cryptocurrency oversight.
Dublin launches sweeping strategy against terror funding and dirty money
Authorities in Ireland have introduced a wide-ranging blueprint to clamp down on illicit finance, with provisions aimed at stopping humanitarian groups from unknowingly supporting extremist causes.
The 30-item strategy, steered by both the justice and finance ministries, covers terror funding, proliferation finance and the laundering of criminal proceeds. Organisations delivering aid in unstable parts of the world will be given instructions on how to shield their funds from diversion to militant groups.
A fresh national task force will unite the Defence Forces, An Garda Síochána, the Central Bank, Revenue, financial watchdogs and representatives from the foreign affairs and justice departments. Its mandate includes blocking sanctions evasion and cutting off money flows to terrorist networks.
Digital assets and new technology also feature prominently. Regulators want banks and payment providers to stay current with developments in artificial intelligence and virtual tokens. A more efficient system for pooling intelligence on questionable transactions is also on the cards.
Betting businesses will face stricter anti-laundering controls. A "closed loop" rule will force operators to pay out winnings to the same bank account from which deposits originated, making it tougher to cycle dirty cash through gambling. Casino-style establishments and exclusive members-only betting clubs will fall under money-laundering oversight for the first time.
Company ownership rules are set to tighten as well. Data filed with the Companies Registration Office will face independent checks, and limited partnerships could be forced to name their ultimate controllers. Officials will also examine whether certain corporate vehicles can be exploited through secrecy jurisdictions to mask who really owns a business.
The accompanying national risk evaluation rates Ireland's money-laundering threat as "moderate," but cautions that offenders are adopting increasingly complex methods. Misuse of crypto assets, terror financing risks and weaknesses in international financial channels were identified as the Republic's top financial crime concerns.
Finance Minister Simon Harris, speaking with Justice Minister Jim O'Callaghan at the announcement, said scams inflict "real victims, real communities and real economic consequences."
Source: The Irish Times
Source: Irish Times