The Government has introduced a new action plan aimed at tightening Ireland’s defences against financial crime, including money laundering, terrorist financing and sanctions evasion, in response to rising risks linked to emerging technologies and global criminal networks.
Tánaiste Simon Harris and Minister for Justice Jim O’Callaghan announced 30 separate measures designed to improve how State bodies detect, investigate and prevent illicit financial activity. Central to the plan is enhanced cooperation between agencies, with a focus on faster intelligence sharing to identify suspects and criminal networks more efficiently.
The initiative also places increased emphasis on monitoring high-risk sectors such as crypto-assets, online gambling and remote betting operators. Authorities will expand oversight in these areas amid growing concerns that digital platforms are being exploited to conceal or move illicit funds.
Company ownership transparency is another key focus, with measures intended to ensure clearer identification of beneficial owners behind corporate structures. Officials say this will make it harder for criminals to hide assets or obscure financial trails.
The plan further aims to ensure that financial institutions remain aligned with rapid technological change, including artificial intelligence and cryptocurrency systems. Authorities warned that criminals are increasingly adapting to new technologies, requiring regulators and banks to respond at the same pace.
A new national coordination group will also be established, bringing together An Garda Síochána, the Defence Forces, the Central Bank and Revenue. The group will work specifically on tackling terrorist financing and sanctions breaches, improving cross-agency coordination at a strategic level.
The action plan is being published alongside Ireland’s latest National Risk Assessment (NRA) covering money laundering, terrorist financing and proliferation financing threats. The assessment shows a rise in risk linked to crypto-asset service providers, fund management firms and remote bookmakers since 2019.
Despite this increase in exposure in certain sectors, the report concludes that Ireland faces an overall moderate risk of money laundering, with terrorist financing and proliferation financing assessed as low threats at present.
Tánaiste Simon Harris said financial crime has far-reaching consequences beyond the financial system, stressing that “behind every fraud, scam and money laundering operation are real victims, real communities and real economic consequences.”
Minister for Justice Jim O’Callaghan said the risk assessment provides a clear picture of evolving threats facing the State. He added that the 30-point plan offers a structured roadmap to strengthen coordination between Government departments, law enforcement agencies, regulators and industry stakeholders.
Officials say the combined measures are designed to ensure Ireland’s financial crime framework remains adaptable, effective and capable of responding to increasingly complex and technology-driven threats in the years ahead.
You must be logged in to post a comment Login