The proposed policies under Ireland\u2019s AML framework included stricter measures on transfers from private crypto wallets and overseas digital asset companies.<\/p>\n
The government of Ireland published a comprehensive anti-money laundering strategy, detailing how the country would address digital assets potentially used for illicit purposes.<\/p>\n
In a Thursday notice, Ireland\u2019s government released its first National Anti-Money Laundering, Countering Financing of Terrorism and Countering Proliferation Financing Strategy. The document included proposed reforms on cryptocurrency-related policies related to strengthening Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFTC) measures.<\/p>\n
\u201cThe bulk of this has been implemented with these final elements introducing new anti-money laundering obligations for crypto-asset service providers, requiring enhanced checks on transfers involving private crypto wallets and stricter due diligence when dealing with overseas crypto firms,\u201d said the Irish government.<\/p>\n
The document, prepared by the country\u2019s finance department, noted that there was \u201cwell advanced\u201d legislation to implement AML\/CFT rules under the European Union\u2019s Markets in Crypto Assets (MiCA) framework. It also included addressing industry standards \u201crelating to the acceptance of crypto-related activities\u201d as a source of funds for gambling.\u00a0<\/p>\n
Ireland\u2019s AML strategy was the latest example of the government attempting to address issues with digital assets potentially being used for money laundering and terrorism financing. In June, the country released its first national risk assessment related to crypto in seven years, saying that it planned to implement industry standards by the second half of 2027.<\/p>\n
Related: UK authorities continue probe into Nigel Farage\u2019s crypto \u2018gifts\u2019 after by-election win<\/p>\n
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