Ireland Launches Anti-Money Laundering Strategy with Tougher Crypto Rules

The Irish government has launched its first anti-money laundering (AML) strategy to strengthen the country's response to financial crime. The document sets out planned changes, including tighter rules on crypto-assets and transfers, increased transparency on company ownership, and new disclosure requirements for limited partnerships.

Tánaiste Simon Harris stated that financial crime causes 'real harm' to people, families, businesses, and communities, adding that criminal organizations are becoming increasingly sophisticated in exploiting new technologies and complex international financial networks.

The strategy also includes strong supervision of financial institutions and sectors vulnerable to money laundering, such as the gambling industry. The document commits to introducing legislation to enable Revenue to publish a list of special-purpose entities (SPEs) availing of the section 110 regime of the Taxes Consolidated Act 1997.

Additionally, casino clubs operating machine-based gambling will be brought under a 'more robust' regulatory framework with stricter enforcement of licence conditions and AML obligations. The strategy aims to strengthen intelligence-sharing between government departments, An Garda Síochána, Revenue, FIU Ireland, the Criminal Assets Bureau, the Central Bank, and financial institutions.