Money laundering crackdown: Harris warns gangs Ireland is ‘not a safe place’

Why the money laundering strategy matters

The strategy will strengthen the supervision of financial institutions and improve oversight of sectors vulnerable to money laundering, such as gambling.

Reforms include tighter rules for crypto-assets and crypto transfers, greater transparency around company ownership, and new disclosure requirements for limited partnerships and other higher-risk corporate vehicles.

The reforms also include stronger intelligence-sharing between government departments, An Garda Síochána, Revenue, FIU Ireland, the Criminal Assets Bureau, the Central Bank and financial institutions.

The Tánaiste said: "Financial crime causes real harm to people, families, businesses and communities across Ireland.

"Behind every scam, every fraud and every money-laundering operation are real victims. Criminal organisations are becoming increasingly sophisticated.

"They are exploiting new technologies, crypto assets and complex international financial networks to conceal criminal profits."

Harris described the plan as the “most significant strengthening of Ireland's anti-money laundering framework in years”, saying it will make it more difficult for criminal gangs to move funds anonymously.

It arrives with organised crime firmly in the spotlight, just weeks after a failed appeal left Daniel Kinahan set to face trial in Ireland.