Government to Launch 30-Point Plan Against Financial Crime, Money Laundering, Terrorist Financing

The Irish Government is set to launch a comprehensive action plan designed to enhance the State's response to financial crime, money laundering, and terrorist financing. Tánaiste Simon Harris and Minister for Justice Jim O’Callaghan will unveil 30 new actions later today, focusing on improving intelligence sharing among State agencies to expedite the identification of criminals.

Key measures include strengthening oversight of crypto-assets and gambling, increasing transparency regarding company ownership and control, and ensuring financial institutions adapt to new technologies like AI and cryptocurrency to prevent criminal exploitation. Additionally, a dedicated national group comprising the Defence Forces, An Garda Síochána, the Central Bank, and Revenue will be established to coordinate efforts against terrorist financing and sanctions evasion.

The action plan coincides with the publication of the latest National Risk Assessment (NRA) on money laundering, terrorist financing, and proliferation financing. The NRA indicates an increased money-laundering risk for crypto-asset providers, fund management companies, and remote bookmakers since 2019. Despite this, the assessment identifies a moderate threat from money laundering and low threats from terrorist financing and proliferation financing.

Tánaiste Harris emphasized that financial crime is not a victimless offense, stating, «Behind every fraud, scam, and money laundering operation are real victims, real communities, and real economic consequences.» Minister O'Callaghan noted that the National Risk Assessment offers «a comprehensive picture of the threats facing Ireland» and described the 30-point action plan as «a practical roadmap to strengthen cooperation across Government, law enforcement, regulators, and industry to keep Ireland’s response effective and fit for purpose.»