The Government has announced a comprehensive new strategy aimed at strengthening Ireland's ability to combat financial crime, money laundering, terrorist financing and sanctions evasion.
Tánaiste Simon Harris and Minister for Justice Jim O'Callaghan today launched a 30-point action plan designed to enhance cooperation between State agencies, improve regulatory oversight and address emerging threats linked to technological developments such as artificial intelligence and crypto-assets.
The measures include enhanced intelligence-sharing arrangements across government departments and law enforcement agencies to identify criminal activity more rapidly, as well as increased scrutiny of crypto-asset providers, gambling operators and corporate ownership structures.
A key element of the strategy is ensuring that financial institutions remain resilient against evolving criminal methods and technological advancements that could be exploited for illicit financial activity.
Under the plan, a dedicated national coordination group will be established to oversee efforts to tackle terrorist financing and sanctions evasion. The group will bring together representatives from the Defence Forces, An Garda Síochána, the Central Bank and Revenue to strengthen collaboration and information exchange.
The action plan has been published alongside Ireland's latest National Risk Assessment on money laundering, terrorist financing and proliferation financing, which examines the country's exposure to financial crime threats.
The assessment found that money-laundering risks have increased in several sectors since the previous review in 2019, particularly among crypto-asset service providers, fund management companies and remote betting operators.
Despite these emerging challenges, the report concluded that Ireland faces a moderate overall threat from money laundering, while the risks associated with terrorist financing and proliferation financing remain low.
Launching the initiative, Harris stressed the broader impact of financial crime on society.
He said: "Financial crime is not a victimless crime. Behind every fraud, scam and money laundering operation are real victims, real communities and real economic consequences."
The Tánaiste said the new measures are intended to protect citizens, strengthen public confidence in the financial system and ensure Ireland remains equipped to respond to increasingly sophisticated criminal activity.
Commenting on the publication of the National Risk Assessment, O'Callaghan said the report provides an important overview of the risks facing the State.
He said: "The National Risk Assessment provides a comprehensive picture of the threats facing Ireland."
The minister added that the accompanying action plan establishes a clear framework for addressing those challenges.
He said: "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."
The Government said implementation of the measures will begin immediately, with progress to be monitored across agencies as part of a coordinated national effort to safeguard Ireland's financial system from criminal exploitation.
