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Regulatory Update: FATF Mutual Evaluation Report of Ireland

7 September 2017

Over the course of 2016 the Financial Action Task Force (FATF) conducted an assessment of Ireland’s anti-money laundering and counter-terrorist financing (AML/CFT) system. FATF have today published their Mutual Evaluation Report on Ireland which concludes that “Ireland has a sound and substantially effective regime to tackle money laundering and terrorist financing….” In addition the Report highlights National coordination mechanisms.……and the Private Sector Consultative Forum (PSCF) were fruitful in broadening the understanding of its ML and TF risks across all relevant agencies and with the private sector.The Association is and continues to be an active member of the PSCF.

FATF have also published an executive summary of the Report and a presentation of the key findings, ratings and priorities which you may find of assistance. In addition, this morning the Central Bank of Ireland briefed industry on the outcome of this evaluation and a copy of the presentation can be found here.

The industry AML working group will analyse the Report in more detail and consider any downstream implications.

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