Ireland Cracks Down on Crypto Assets in New Anti-Money Laundering Strategy

Ireland has launched a comprehensive national risk assessment and action plan to tackle money laundering, terrorist financing, and financial crime. The strategy identifies crypto assets as emerging risks and highlights the need for tighter oversight in this area.

The government's plan introduces targeted safeguards around crypto assets and digital finance to prevent illicit funding from entering regulated sectors. Companies will be required to undertake due diligence checks on clients using crypto-funding, and the Gambling Regulatory Authority will draft standards for the industry.

The regulations are expected to come into effect in Q2 2027, and the Central Bank will develop an understanding of innovative technologies like AI to identify gaps and opportunities in combating money laundering. The goal is to prevent digital finance from overtaking regulatory efforts.