Plan to advise charities overseas how to avoid inadvertently financing terrorists

A new government plan will provide guidance to charities operating in "higher-risk regions" on how to avoid inadvertently financing terrorists. This initiative is part of a broader 30-point strategy to combat financial crime, money laundering, and terrorist financing, as reported by The Irish Times.

The plan includes establishing a dedicated national group to coordinate efforts against terror financing and sanctions evasion. This group will comprise representatives from the Defence Forces, An Garda Síochána, regulators, Revenue, the Central Bank, and the departments of foreign affairs and justice. The government also aims to ensure financial institutions keep pace with technological advancements, such as artificial intelligence and cryptocurrency, while streamlining the collection and sharing of information on suspicious financial activities.

Led by the departments of justice and finance, the plan also targets the use of the gambling industry for money laundering. A "closed loop" system is envisioned, compelling gambling operators to return winnings to the same bank account used for deposits. This measure, along with increased regulation of "casino-style" gambling venues and private members' clubs, is intended to make money laundering more difficult. Gardaí have identified gambling as a common method for cleaning illicit funds.

The action plan will also commit to standardizing processes for recommending and implementing EU or UN sanctions. Furthermore, it seeks to increase the transparency of Irish-registered companies by verifying information filed with the Companies Registration Office. Limited partnerships may be required to disclose their ultimate ownership, and a review will assess restrictions on company structures that obscure ownership through secrecy jurisdictions. The national risk assessment on money laundering and terrorist financing will also be published, identifying cryptocurrency misuse and global financial network vulnerabilities as significant risks for Ireland.

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