Ireland announces 30-point plan to combat financial crime and terrorist financing

Ireland is set to bolster its defenses against financial crime with a new action plan, announced by Tánaiste Simon Harris and Minister for Justice Jim O’Callaghan. The government will introduce 30 new measures aimed at strengthening the state's response to money laundering, terrorist financing, and proliferation financing.

The plan focuses on enhancing cooperation and intelligence sharing among state agencies to expedite the identification of criminals. It also targets increased oversight of volatile sectors like crypto-assets and gambling, alongside measures to improve transparency in company ownership and control. A critical component is ensuring financial institutions can keep pace with technological advancements, such as AI and cryptocurrencies, to prevent exploitation by illicit actors.

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financial crime is 'not a victimless crime', adding 'behind every fraud, scam and money laundering operation are real victims, real communities and real economic consequences'.

To spearhead efforts against terrorist financing and sanctions evasion, a dedicated national group will be formed. This task force will include representatives from the Defence Forces, An Garda Síochána (the national police), the Central Bank, and Revenue (the tax authority). The announcement coincides with the release of the latest National Risk Assessment (NRA), which indicates a rise in money-laundering risks for crypto-asset providers, fund management companies, and remote bookmakers since 2019.

While the NRA found moderate threats of money laundering and lower threats from terrorist and proliferation financing, Minister Harris emphasized that financial crime has real victims and significant economic consequences. Minister O’Callaghan described the action plan as a "practical roadmap" to enhance cooperation across government, law enforcement, regulators, and industry, ensuring Ireland's response remains effective and fit for purpose.

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it 'provides a comprehensive picture of the threats facing Ireland'. He added that the 30-point action plan offers 'a practical roadmap to strengthen cooperation across Government, law enforcement, regulators and industry to keep Ireland’s response effective and fit for purpose'.