Ireland to announce 30-point financial crime action plan

The Irish government is due to launch a new action plan later on Thursday aimed at strengthening the state's response to financial crime, money laundering and terrorist financing. Tánaiste Simon Harris and Minister for Justice Jim O'Callaghan are expected to set out 30 new actions as part of the package. The measures are intended to improve how agencies share intelligence, tighten oversight of crypto-assets and gambling, and increase transparency around company ownership and control.

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The plan will be published alongside the latest National Risk Assessment on money laundering, terrorist financing and proliferation financing. That assessment says the money-laundering risk faced by crypto-asset providers, fund management companies and remote bookmakers has increased since 2019. It also concludes that the overall threat from money laundering is moderate, while the threats from terrorist financing and proliferation financing are low.

Among the proposed steps is the creation of a dedicated national group to coordinate work against terrorist financing and sanctions evasion. The group will include the Defence Forces, An Garda Síochána, the Central Bank and Revenue. The government says the aim is to help criminals be identified more quickly and to ensure financial institutions keep pace with new technologies, including artificial intelligence and crypto.

The announcement comes as governments across Europe continue to adapt to the changing methods used by organised criminals and those moving illicit funds across borders. Financial crime can affect banks, regulators, law enforcement and legitimate businesses, and it can also create wider risks for tax collection, sanctions enforcement and public confidence in the financial system. In Ireland, the inclusion of both state agencies and regulators suggests the response is being framed as a cross-government effort rather than a single-department initiative.

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Mr Harris said financial crime is "not a victimless crime", adding that behind fraud, scams and money-laundering operations are "real victims, real communities and real economic consequences". Mr O'Callaghan said the National Risk Assessment provides "a comprehensive picture of the threats facing Ireland" and described the 30-point plan as "a practical roadmap" for cooperation across government, law enforcement, regulators and industry. Those comments indicate the plan is being presented as both a policy update and a coordination exercise.

What remains unclear is how quickly the 30 actions will be implemented and whether any will require new legislation, extra resources or changes to existing regulatory powers. It is also not yet clear how the new national group will operate in practice or what timetable will be set for follow-up reporting. The key question now is whether the measures will materially improve detection, enforcement and prevention across the sectors identified as higher risk.

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