The Irish government unveiled its National Anti Money Laundering Strategy, introducing a sweeping expansion of regulatory oversight that includes new requirements for crypto assets, corporate transparency, and financial intelligence sharing.
Ireland’s Minister for Finance and Deputy Prime Minister Simon Harris announced the launch of the country’s first National Strategy to Combat Money Laundering, Terrorist Financing, and the Financing of the Proliferation of Weapons of Mass Destruction. According to the government, the strategy marks the most significant overhaul of Ireland’s financial crime prevention framework in recent years and establishes a unified cross government approach to safeguarding the country’s financial system.
The strategy followed the publication of the 2026 National Risk Assessment and its accompanying Priority Action Plan. It is built around 5 key priorities:
- strengthening national coordination;
- improving financial crime risk assessment;
- reinforcing the regulatory framework;
- expanding the capabilities of public authorities and the private sector;
- strengthening international cooperation.
One of the strategy’s central provisions is stricter oversight of crypto asset transactions. Ireland will extend AML/CFT requirements to crypto asset transfers in line with the EU Transfer of Funds Regulation by implementing Travel Rule. Crypto asset service providers will be required to:
- transmit information on the originator and beneficiary of transfers;
- conduct enhanced due diligence for transactions involving self-hosted crypto wallets;
- apply enhanced due diligence procedures when dealing with foreign crypto companies.
The strategy also provides for:
- implementing the EU’s new AML legislative package;
- increasing transparency around the ownership structures of crypto companies;
- introducing additional disclosure requirements for limited partnerships and other higher risk corporate structures;
- upgrading financial intelligence capabilities.
The strategy also expands information sharing among government agencies, An Garda Síochána, Office of the Revenue Commissioners, Financial Intelligence Unit, Criminal Assets Bureau, Central Bank of Ireland, and financial institutions. It places particular emphasis on strengthening oversight of financial institutions and sectors exposed to higher money laundering risks, including the gambling industry, while improving the detection of cyber fraud, sanctions evasion, and other emerging financial threats.
According to Simon Harris, implementation of the strategy is already underway and will involve close cooperation among government agencies, law enforcement authorities, regulators, and private sector participants. The government also expects the reforms to help Ireland prepare for its next Financial Action Task Force (FATF) mutual evaluation, which assesses the effectiveness of national anti money laundering and counter terrorist financing systems.
Many governments continue to introduce new anti-fraud measures by tightening oversight of the crypto market. South Korea recently eliminated the Travel Rule threshold, strengthened VASP registration requirements, and increased oversight of transactions involving foreign platforms and crypto wallets. Regulators in Brazil and Japan, meanwhile, introduced withdrawal delays, additional verification procedures, and new transaction monitoring requirements.
