Ireland Flags Crypto as Major Money Laundering Threat

Ireland has identified crypto assets as a major threat to its anti-money laundering efforts.

The country's Department of Finance released its latest National Risk Assessment, which classified crypto assets as a 'very significant' money laundering and terrorism financing risk.

The assessment cited the growth of crypto-related fraud, money laundering prosecutions, and financial crime involving digital assets as key concerns.

Irish officials warned that digital assets can facilitate sanctions evasion, complicate tax enforcement efforts, and create opportunities for corruption involving officials responsible for supervising the sector.