Keynote speech by Tánaiste and Minister for Finance Simon Harris TD at the European Anti-Financial Crime Summit

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Good morning everyone and I am delighted to have the opportunity to address you today at the European Anti-Financial Crime Summit here in the historic RDS.

I would like to particularly welcome all of you who have travelled to be here in Dublin from the European Union, the United Kingdom, the United States and indeed further afield.

This is one of the leading events in the European calendar for all of those working to combat financial crime.

It’s an opportunity for those who serve at the coalface to come together and share perspectives on the challenges and opportunities facing all of us in this regard.

There is a huge wealth of knowledge and experience in this very room; I am sure everyone is looking forward to the many discussions and debates that will take place here over the course the day.

In that respect, I would like to congratulate Stephen Rae and James Treacy of AML Intelligence for organising this event and once again for bringing together such an impressive range of organisations and participants.

I would particularly like to welcome the President of the Financial Action Task Force (FATF), Ms. Elisa de Anda Madrazo, and congratulate her on a very successful presidency as she approaches the end of her term.

I would like to offer a special welcome, too, to the Secretary General of INTERPOL, Mr. Valdecy Urquiza, and to congratulate him on receiving this year’s John O’Driscoll Memorial Award for International Cooperation.

John, as we all know, was an outstanding detective; An admired and respected garda leader who spearheaded the complex investigation across international boundaries which resulted in the sanctioning of the Kinahan Drugs Cartel.

I want to recognise the presence of, and indeed to warmly welcome, Deputy Executive Director of Operations at Europol, Jean Philippe Lecouffe, and the Chair of the Egmont Group of Financial Intelligence Units, Elżbieta Franków-Jaśkiewicz.

Their presence here today demonstrates just how this summit has become a key centre of discussion for anti-financial crime leaders and professionals, sharing insights on the industry’s most important trends.

Colleagues, the very fact that this summit exists - now firmly embedded in the European calendar - tells us something important: financial crime is no longer a niche compliance issue.

It is a central challenge for economic integrity, public trust, national security and the credibility of the European project itself.

It is great, therefore, to see so many faces from the world of banking, fintech, crypto, gaming, insurance and professional services in the room here today.

You all play a significant role in protecting our and indeed Europe’s financial system.

And I wish to pay credit, also, to the role played by those working in Financial Crime Compliance and Anti-Fraud, in defending our citizens against fraudsters, scammers, traffickers and money launderers.

Colleagues, money laundering and financial crime continue to evolve - not just in scale, but in sophistication and in impact.

Globally, illicit financial activity reached a staggering $4.4 trillion in 2025, according to the latest report from Nasdaq Verafin.

This represented an increase of almost 20% compared to the year previous, very much highlighting how rapidly the problem is growing.

The report shows that the evolution of financial crime now fundamentally threatens the integrity of the financial system.

It does this by fuelling insidious and destabilising crimes, such as human trafficking, racketeering, prostitution and terrorism.

Financial crime, often referred to as “white-collar” crime is not a victimless crime – far from it.

It is the ‘illicit money’ that finances many different forms of very serious crimes throughout the world, and, make no mistake about it, it knows and respects no boundaries.

Criminal networks exploit the same forces that power our modern economy:

globalisation, digitalisation, innovation and speed.

Whether it is organised crime, cyber-enabled fraud, human trafficking, drug trafficking, environmental crime, or terrorism financing - the financial system is both a target and an enabler.

These far from victimless crimes hollow out our communities and distort our markets.

They undermine legitimate businesses and erode confidence in our democratic institutions.

And crucially, they do not, and quite frankly never will, respect national borders - meaning that no country, however strong its domestic framework, can succeed alone.

This reality is precisely why the European Union has undertaken the most significant reform of its anti-money laundering and counter terrorist financing framework in a generation.

At the heart of this new architecture is the EU Anti Money Laundering Authority – AMLA.

Colleagues, AMLA represents a decisive shift in the European response to financial crime.

Here in Europe, AMLA is emerging as a major force in addressing the myriad of challenges that we face.

In particular, AMLA will be at the forefront of strengthening coordination, harmonising supervision and fostering a culture of cooperation that has never been needed more so than today.

The importance of cooperation and partnership is a consistent message which I believe you will hear from speakers throughout the confidence.

Without doubt, by strengthening coordination at EU level, AMLA is helping move us beyond fragmented responses to a genuinely unified approach.

This is creating the conditions for enhanced preventive measures and accelerated responses to threats, ensuring innovation works in the service of those efforts.

Because make no mistake about it, the most effective responses to financial crime are those built on shared responsibility, shared insight and shared action.

Colleagues, as a country with a highly open, internationally connected financial system, Ireland understands both the opportunities and responsibilities that come with being a global financial centre.

We know that strong AML/CFT (Anti-Money Laundering/ Countering the Financing of Terrorism) frameworks are not a burden on legitimacy, they are in fact the foundation of it.

Ireland has invested heavily in strengthening our domestic regime.

For example, by:

• Improving Supervisory capacity;
• Deepening cooperation between regulators and law enforcement;
• And continuously upgrading our legislative framework.

But we also recognise that domestic action must be matched by European and international cooperation.

I very much look forward to using Ireland’s hosting of the EU Presidency to positively supporting AMLA as it becomes operational, matures and, I have no doubt, delivers major blows to the shadowy instigators of financial crime.

One of the most important lessons we have learned over the past decade is this: the fight against financial crime cannot be won by the public sector alone.

Banks, payment firms, fintechs, crypto asset service providers, gaming companies and professional services sit at the front line.

The key financial services institutions see the transactions, the patterns, the red flags and can then make the suspicious transactions reports that can then be acted upon.

They are crucial in ensuring that States and law enforcement agencies can follow the money and tackle criminality.

But compliance cannot be a box ticking exercise.

Nor can it be driven solely by fear of enforcement.

And so, we need:

• The meaningful public private partnerships which I know An Garda Síochána and financial services organisations have put in place;
• To be always working to improve the feedback loops from law enforcement to reporting entities;
• A system where high-quality intelligence is valued over sheer volume;
• And where innovation is encouraged to deliver impact.

As the participants here today know all too well, technology is reshaping financial crime on both sides of the equation.

Artificial intelligence, advanced analytics and network analysis allow us to detect risk with greater precision than ever before.

At the same time, criminals are adopting the very same tools to move faster, hide better, and exploit weaknesses.

FATF, INTERPOL, Europol, our own An Garda Síochána, as well as the banks – traditional and fintechs -, have all seen firsthand how AI-powered fraud has grown exponentially.

In Ireland, the Central Bank of Ireland has already warned about the rapidly changing fraud landscape, including the increasing use of AI to create highly convincing scams targeting consumers.

We are now seeing the emergence of deepfake technology being used to impersonate trusted individuals and promote fraudulent financial products online.

Indeed, I have experienced this personally.

In recent months, a deepfake video circulated online falsely portraying me as endorsing investment products that had no basis in reality.

It was entirely fabricated, but highly convincing.

And that is precisely the point - these scams are becoming more sophisticated, more scalable, and more difficult for people to identify.

That is why public awareness, regulatory vigilance and strong cooperation between industry and law enforcement has never been more important.

As we strengthen our defences, we must also remain mindful of proportionality.

An effective AML system is not one that simply generates cost and complexity—it is one that reduces real world harm.

Small and medium-sized enterprises, charities, community organisations and legitimate customers must not become unintended casualties of poorly calibrated risk management.

Financial inclusion, trust, and access to services matter.

Getting this balance right is not easy. But it is essential if we

want public confidence in the system we are building.

Moving from the EU regional and global stage to the national, closer co-operation and co-ordination is reflected here also.

Here in Ireland, my Department chairs the Anti-Money Laundering Steering Committee, which provides a national, cross-sectoral forum for the oversight and active review of Ireland’s framework in this field.

We are currently finalising an update of Ireland’s National Risk Assessment for money laundering and terrorist financing, which will be published shortly.

This is a very important piece of work. It is crucial for our activities in this field that we have an up-to-date understanding of the risks in different sectors of the economy.

Greatly informed by this piece of work, the Steering Committee is also developing a National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.

I am sure those of you who contribute to the work of the Committee through the Private Sector Consultative Forum will have valuable insights to share as this is developed.

Finally, I wish to say a few words about the broader context in which we are operating.

Over recent years, we have been experiencing a more volatile global international order, including in the financial world, than we are perhaps used to.

We have witnessed the Russian invasion of Ukraine and are experiencing all the repercussions, economic and otherwise, of that ongoing illegal and unjust war.

More recently, as a result of the current conflict in the Gulf region, we are experiencing further global and market instability.

In this turbulent global landscape, the continued and increasing cooperation between countries at multilateral bodies like FATF and the EU provide important islands of stability, upholding internationally agreed shared standards.

Together, they send a very strong signal that through enhanced international cooperation, there is ‘another way’ and that this is the better way for the future.

Ireland is very clear on where we stand on such international cooperation.

Ireland remains committed to a rules-based multilateral, international order and to working with our partners within the EU and further afield in the fight against financial crime and more broadly to uphold the rule of law.

Our collective response must be steady, coordinated and grounded in facts.

In conclusion, the European Anti-Financial Crime Summit matters because it creates a space where policy, practice and experience meet.

Where difficult questions can be asked. Where solutions can be shared.

Europe has chosen cooperation over fragmentation.

Prevention over reaction.

Integrity over complacency.

That choice carries responsibility but also immense opportunity.

I want to thank everyone here for the role you play in protecting our financial system and, by extension, our society.

I wish you a productive and insightful summit, and I very much look forward to the discussions ahead.

Go raibh mile maith agaibh go léir.

ENDS