Ireland Country Summary

FATF Status

Ireland is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Ireland was undertaken in 2022. According to that Evaluation, Ireland was deemed Compliant for 17 and Largely Compliant for 17 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 5 of the Effectiveness & Technical Compliance ratings.

Ireland exhibits a relatively low level of corruption, supported by comprehensive legislation aimed at preventing bribery and promoting transparency among public officials. While the country faces challenges from organized crime, including drug trafficking and cybercrime, the government has established strong law enforcement measures and institutions to combat these issues, although public perceptions of corruption remain a concern.

Ireland's economy is characterized by a strong emphasis on foreign direct investment (FDI), particularly from U.S. companies, which have established approximately 970 subsidiaries across various sectors, including pharmaceuticals, technology, and financial services. The Irish government has successfully attracted investment through a combination of a competitive corporate tax rate, a skilled English-speaking workforce, and favorable business policies, although it recently increased the corporate tax rate from 12.5% to 15% in alignment with OECD guidelines. Despite its robust economic performance, challenges such as high labor and operating costs, infrastructure deficiencies, and housing shortages pose potential risks to Ireland's investment climate moving forward.