Monday December 16, 2019

Ireland’s large shadow banking system a magnet for dirty money

Ireland’s murkiest sector accounts for 13 times the country’s GDP, and its lack of oversight or regulation puts it at high risk of abuse by criminal elements

16th December, 2018
The Central Bank has released new research on the shadow banking system

Ireland’s large shadow banking sector makes it “intrinsically . . . high risk” for money laundering and other criminal activities, experts have warned.

Daniel Davies, a former Bank of England economist and investment banking analyst, told The Sunday Business Post that the size of and lack of knowledge about Ireland’s financial intermediation sector combines with our positive reputation to form a significant risk.

“I’d regard Ireland as intrinsically potentially high risk because...

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