Monday July 6, 2020

European Commission warns Ireland faces ‘inherent money-laundering risks’

Use of ‘special purpose’ legal structures to move cash in and out of the country is fraught with dangers, warns the Commission

Daniel Murray

Business Reporter

1st March, 2020
Ireland faces some inherent money-laundering risks associated to its internationally-oriented economy said the European Commission.

Ireland faces “inherent money-laundering risks” due to its internationally focused economy and the use of “special purpose” legal structures to move money in and out of the country, according to the European Commission.

In its annual assessment of member states, the Commission said Ireland’s large and growing non-bank financial sector deserved “close attention” and that professional service providers to companies and trusts had an “incomplete understanding of risk exposure to money-laundering”...

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