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.

Corruption is not a significant issue for foreign investors in Ireland, thanks to robust anti-bribery legislation, including the Criminal Justice (Corruption Offences) Act of 2018, which imposes severe penalties for corruption-related offenses. The Irish government actively investigates corruption allegations through An Garda Siochana and has established the Criminal Asset Bureau to seize illegally acquired assets. While bribery risks exist at the local level, particularly in public procurement, ongoing reforms aim to enhance transparency and accountability in public administration.

Ireland's economy faced a recession in 2023, marking its first decline in economic activity since 2012, primarily due to a contraction in exports from the pharmaceutical sector. Despite this setback, the GDP is projected to grow by 1.2 percent in 2024, supported by a robust employment rate of 4.5 percent and a record 2.71 million people employed in 2023. The government continues to attract foreign direct investment, particularly from the United States, although challenges such as high operating costs and energy supply issues remain.

Ireland actively promotes foreign direct investment (FDI), successfully attracting numerous U.S. companies, particularly in sectors like pharmaceuticals, technology, and financial services. The country offers a favorable business environment characterized by a well-educated, English-speaking workforce and political stability, although the recent increase in corporate tax from 12.5% to 15% may impact its attractiveness. Challenges include high labor costs, a burdensome planning permit system, and energy supply concerns, particularly regarding new data centers.