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Ireland has an established legislative framework of fraud, anti-money laundering and counter-terrorist financing laws, based on both domestic and EU laws.

Ireland has been a member of the Financial Action Task Force (FATF), an intergovernmental body established in 1989, since 1991. In the most recent Mutual Evaluation Report of Ireland conducted in November 2016 and published on 7 September 2017, it is stated:

Ireland has a generally sound legislative and institutional AML/CFT [Anti-money Laundering/Combating the Financing of Terrorism] framework. In recent years, Ireland has put in place measures to improve its understanding of risks and national coordination and cooperation is a strong point of the Irish AML/CFT system. While a substantial level of effectiveness has been demonstrated in a number of areas, further measures and resources are required for a fully effective AML/CFT system that is commensurate with the risks faced in Ireland.

During the onsite evaluation the Law Society of Ireland team meeting with the FATF evaluators was led by James MacGuill.

Have there been any notable recent developments in relation to anti-money laundering, terrorism financing or fraud law and enforcement, including any regulatory changes, case law and convictions?

Ireland’s anti-money laundering and counter-terrorist financing laws will soon be updated to reflect the Fourth EU Anti-money Laundering Directive (2015/849/EU) of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The implementing legislation – the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018 – is expected to be signed into law by the end of 2018. This bill, when enacted, will further enhance the laws in this area. The Fourth EU Anti-money Laundering Directive emphasises a risk-based approach to the area of money-laundering. This in turn will impact businesses which are now required to develop and implement risk-based anti-money laundering and counter-terrorist financing policies.

Further obligations arising from Ireland's membership of the European Union will require, in due course, the transposition of the Directive of the European Parliament and of the Council on Combating Money Laundering by Criminal Law and the Directive of the European Parliament and of the Council on the Prevention of the Use of the Financial System for the Purpose of Money-laundering or Terrorist-financing.