Ireland Anti-Money Laundering (AML)
On completion of this tutorial, you will be able to:
Define money laundering and list its stages
Define terrorist financing
Recognise the laws and regulations in relation to money laundering and terrorist financing
Identify the responsibilities of the various participants
List the systems and controls a firm should employ in relation to managing financial crime risks
The growth in international crime and terrorism has seen greater efforts by criminals to unearth new ways of integrating their illicit funds into financial markets. Financial centres are the target of lucrative, highly-skilled organised crime networks that range from small local gangs to large trans-regional operations with the sophistication, organisation and facilities of a major corporation.
Identifying and bringing to justice those who help launder illicit funds is a priority for both governments and financial markets regulators. This can be seen especially in the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 where among other changes, the Irish government expanded the scope of the regulations to include cryptocurrencies, reduced the minimum exemption threshold for electronic payment instruments (EPIs), and placed greater demands on entities to discern the true ultimate beneficial owner of the underlying assets.
You have an important part to play in this work – ignorance is no longer a valid form of defence. The penalties for non-compliance can include a fine and/or a custodial sentence.