Money laundering, terrorist financing and proliferation financing have the potential to undermine societal cohesion, degrade the integrity of Ireland’s financial system and in turn pose spillover risks to national and international security. Accordingly, the Irish authorities take these threats seriously and continue to strengthen the State’s Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) frameworks in response to such evolving and dynamic risks. Ireland is an open economy, with a substantial export-orientated financial services sector. It is the third largest exporter of financial services in the European Union ‘EU’ and the eight largest globally with measured assets exceeding €8.1 trillion in 2023. Enjoying a highly internationalized labour market, it is closely integrated into EU markets with tariff-free movement of goods, freedom to provide services and free movement of capital. Various sectors serving this buoyant economy include legal and professional services, trust company and business services, property and real estate providers, high value and cash-intensive businesses. Accordingly, these, along with the forementioned financial services sector are in scope of AML/CFT/CPF legislation and/or requirements.

P.7 The overarching goal for the National AML/CFT/CPF Strategy is to enhance safety and security of citizens in Ireland and the integrity and stability of the financial system. Accordingly, our framework is underpinned by three interconnected pillars which support its operation:
(i) Policy and oversight: assessing money laundering, terrorist financing and proliferation risks; developing domestic and EU-aligned policy; and ensuring strategic oversight and coordination across Government and competent authorities.
(ii) Safeguarding and monitoring: safeguarding, promoting, supervising, and monitoring AML/CFT/CPF compliance; and collecting, analysing, and disseminating financial and related intelligence.
(iii) Investigation and enforcement: identifying, investigating, prosecuting, enforcing and sanctioning money laundering, terrorist financing and proliferation financing offences.

Acting in unison, these three interlocking pillars strengthen Ireland’s capacity to combat terrorism and serious and organised criminal activities such as corruption, cybercrime, tax evasion, drug trafficking, and fraud. The purpose of Ireland’s AML/CFT/CPF framework is to protect citizens, national security and preserve the integrity and stability of the Irish financial system.

P.14 The role of the private sector: Thousands of Irish regulated financial firms and designated non-financial businesses and professions (DNFBPs) are subject to AML/CFT/CPF obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). These obliged entities— including banks, credit unions, payment institutions, crypto asset service providers (CASPs), investment firms, funds, fund service providers accountants, solicitors, estate agents, gambling service providers, and trust/company service providers—act as the first line of defence against money laundering, terrorist financing and proliferation financing.