In 2017, Ireland was criticised by the Financial Action Task Force (FATF) for its low conviction rate in money laundering cases. TI Ireland Head of Policy and Research Dr Alexander Chance has prepared a brief explainer article called Cleaning up our Act: Identifying good practice in Ireland’s efforts to combat money laundering which identifies positive developments in the response to the FATF's criticism.
Dr Chance reports how prosecutors and gardaí came together to build solutions at local and national level, as well as bolstering international cooperation and making better use of existing legislation. This collaborative approach led to a substantial increase in money laundering convictions and assets seized, and represents a good example of practitioners taking the initiative to drive improvements in combating dirty money.
The article also highlights those areas where core challenges persist, in particular continued underresourcing and capacity issues within relevant authorities, as well as a number of outstanding legislative and regulatory gaps that can facilitate international money laundering. These deficiencies reflect a stubborn under-appreciation at policy level of the risks posed to Ireland by illicit finance.
Dr Chance is engaged in research aimed at strengthening EU member states’ capacities to detect, investigate and prosecute cross-border corruption as part of Transparency International’s STEP-EU project.
Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or DG JUST. Neither the European Union nor the granting authority can be held responsible for them.