Ireland has launched a national risk assessment and action plan to tackle money laundering, terrorist financing, and financial crime. It highlights crypto assets as emerging risks.
The strategy strengthens gambling and crypto oversight, enhances regulatory coordination, and prepares the country for an upcoming FATF evaluation amid evolving digital threats.
Ireland widens crypto assets financial crime framework
Ireland has launched a new national risk assessment on money laundering, terrorist financing, and proliferation financing as part of a wider state response to financial crime. The government also introduced a 30-point action plan aimed at strengthening oversight across the financial system.
Officials highlighted the misuse of crypto assets as a growing concern, driven by increasingly complex fraud schemes and evolving digital technologies. The assessment warned that criminals are adapting quickly and exploiting gaps in global financial networks.
Authorities said the strategy focuses on improving coordination between regulators, law enforcement, and financial institutions to reduce exposure to illicit activity across both traditional and digital channels. Officials emphasize prevention and cross-border cooperation efforts strongly.
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Crypto safeguards and gambling oversight
Ireland’s plan introduces targeted safeguards around crypto assets and digital finance with a specific focus on preventing illicit funding entering regulated sectors.
The Gambling Regulatory Authority shall draft standards to be adopted in the industry regarding funding from crypto. Companies will be obliged to undertake due diligence checks and legitimise all clients using crypto-funding before their incorporation into the system.
The regulations are expected to come into effect in Q2 of 2027. The Central Bank, in turn, should develop an understanding of innovative technologies, such as AI, and use them to identify gaps and opportunities in combating money laundering.
The primary purpose of this approach is to prevent the progress of digital finance from overtaking the process of regulating gambling and financial services.
Risk assessment and enforcement drive
According to the risk assessment, the threat of money laundering is moderate for Ireland, while terrorist financing is a low risk. It highlights the evolution of criminal organizations in terms of rapid changes.
Criminals combine traditional methods with new technological approaches such as cryptoassets, money mule schemes, and complex layering practices.
This roadmap is also considered a preparatory document for Ireland in relation to the Mutual Evaluation in 2028 conducted by FATF, the international organization dealing with standards in AML.
Irish Finance Minister Simon Harris pointed out that criminals are becoming more sophisticated and technologically savvy, and financial crimes have an impact on people and communities.
According to the justice minister of Ireland, Jim O’Callaghan, this roadmap is a practical document aimed at ensuring that the response in Ireland remains effective, proportionate, and appropriate.
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