Ireland just put crypto firms on notice. The government unveiled a new National Risk Assessment on June 18 covering money laundering, terrorist financing, and proliferation financing, and for the first time, crypto-asset providers have been bumped up the risk ladder compared to the country’s previous 2019 assessment.
Alongside the risk assessment comes a 30-point action plan: tighter crypto safeguards, better inter-agency intelligence sharing, stricter anti-money laundering rules for gambling, and more transparency around company ownership.
What the plan actually says
The overall money-laundering threat level in Ireland remains classified as moderate. Terrorist financing and proliferation financing threats are both rated low. The concern is specifically that crypto has matured into a large enough financial channel to attract serious criminal interest.
The 30-point action plan targets several areas simultaneously. Enhanced safeguards for crypto-assets and digital finance sit near the top of the priority list. The plan also calls for stronger cooperation between the Central Bank of Ireland, An Garda Síochána, and Revenue, Ireland’s tax authority.
