The Financial Action Task Force (FATF) (on Money Laundering) is an independent intergovernmental organisation.
It is made up of 36 member nations. It is charged with developing policies to combat money laundering and terrorist financing. One of its main tasks is to publish and update Recommendations, which set the international standard for measures to tackle money laundering and the financing of terrorism.
These provisions set out principles for the approaches and actions to be taken by its members. The measures do, however, allow countries a level of flexibility as regards their implementation due to the fact that countries have various priorities and different constitutional frameworks.
FATF monitors the progress of countries in introducing AML and CFT measures using a variety of techniques including Mutual Evaluation Reports (MERs).
The Department of Finance leads the delegation of the various State bodies at FATF meetings.
The Financial Action Task Force (FATF) has published a report on Ireland’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
The September 7 report is the culmination of a rigorous mutual evaluation review process, led by the FATF and assisted by a multinational team of assessors.
During the 18-month process which led up to the publication of this report, the Department was assisted by stakeholders from a wide range of departments and agencies involved in AML/CFT work, including the Department of Justice and Equality, An Garda Síochána, the Central Bank of Ireland, the Revenue Commissioners, the Department of Foreign Affairs and Trade, the Criminal Assets Bureau, and the Office of the Director of Public Prosecutions. The expertise of personnel in each of these key agencies, as well as willing assistance and expertise given to the project by the private sector, proved crucial to achieving a successful outcome to the review.
The report acknowledges the strength of Ireland’s AML/CFT systems, the measures taken nationally to better understand money laundering and terrorist financing risks and the cooperation mechanisms developed by Ireland to combat them.
The report by the FATF notes areas where further improvement can be made and includes a series of recommended actions which Ireland should implement over the next number of years.
The Department of Finance and the Anti-Money Laundering Steering Committee is in the process of preparing an action plan to implement the various recommended actions.
FATF has recently updated its Public Statements on high-risk and non-cooperative jurisdictions.