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 demonstrates a relatively low level of corruption, supported by comprehensive anti-corruption legislation and active law enforcement efforts. However, challenges remain, particularly in addressing organized crime, human trafficking, and cybercrime, with local communities often feeling vulnerable despite government initiatives aimed at enhancing resilience and public safety.

Ireland's economy, after experiencing significant growth over the past decade, faced a recession in 2023, marking its first economic contraction since 2012, largely due to declines in exports from key sectors such as pharmaceuticals and contract manufacturing. Despite this downturn, the country's GDP is projected to rebound with a growth rate of 1.2 percent in 2024, supported by a strong labor market characterized by a low unemployment rate of 4.5 percent and record employment levels of 2.71 million. The Irish government actively promotes foreign direct investment (FDI), particularly from the United States, leveraging its favorable corporate tax rate, skilled workforce, and EU membership to attract multinational companies, although challenges such as rising operational costs and energy supply concerns persist.