Ireland Unveils Comprehensive Anti-Money Laundering Strategy for Digital Assets
Ireland's government has published its first National Anti-Money Laundering, Countering Financing of Terrorism and Countering Proliferation Financing Strategy. The document outlines how the country will address digital assets potentially used for illicit purposes.
The strategy includes proposed reforms on cryptocurrency-related policies to strengthen Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFTC) measures. This includes new anti-money laundering obligations for crypto-asset service providers, requiring enhanced checks on transfers involving private crypto wallets and stricter due diligence when dealing with overseas crypto firms.
The document notes that there is 'well advanced' legislation to implement AML/CFT rules under the European Union's Markets in Crypto Assets (MiCA) framework. It also includes addressing industry standards relating to the acceptance of crypto-related activities as a source of funds for gambling.