The role of the Anti-Money Laundering/Counter Terrorist Financing Policy Coordination Unit
The Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Policy Cordination Unit was established in September 2015 to coordinate the Department’s policy in respect of Money Laundering and Terrorist Financing.
Money Laundering and Terrorist Financing pose a threat to every country undermining domestic capital formation, depressing growth, diverting capital away from development and undermining the security of the State and the wider international community. Ireland has obligations to address Money Laundering and Terrorist Financing under EU Law and through the implementation of the Recommendations of the Financial Action Task Force (FATF) – an international body which sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing.
Ireland will be required to transpose the 4th EU Money Laundering Directive into Irish law. Furthermore it will be subject to an evaluation by FATF in 2016, the response to which will be led by the Department of Finance. However the Department of Justice and Equality has responsibility for a number of non-financial sectors which are recognised as being at risk of Money Laundering and Terrorist Financing – these include, among others:
- Charities or Not for Profit Sector
- Trust or Company Service Providers
- Dealers in High Value Goods
- Property Service Providers.
Key Activities of the Unit
Among its key activities are:
- Act as a single point of contact for the Department on all matters relating to Money Laundering and Terrorist Financing.
- Interact with various Units in the Department of Justice and Equality who are in a position to contribute to policy development in the area of Money Laundering and Terrorist Financing including Criminal Law Reform Division, Crime, Mutual Legal Assistance, etc.
- Liaise with the various sectors under the remit of the Department to assist in the identification of vulnerabilities to Money Laundering or Terrorist Financing in each of the sectors for inclusion in a National Risk Assessment. The National Risk Assessment was published on 7 October 2016.
- Assist sectors in raising awareness of the threats posed by Money Laundering and Terrorist Financing.
- Engage with other organisations in this area including the Central Bank of Ireland, Department of Finance, An Garda Síochána, Revenue Commissioners, etc.
- Coordinate and collate the Annual Statistical Report on Money Laundering and Terrorist Financing.
Address: Department of Justice and Equality
94 St. Stephen's Green
Phone: + 353 1 6028255