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.

Corruption is not a significant issue for foreign investors in Ireland, thanks to robust legislation like the Criminal Justice (Corruption Offences) Act of 2018, which enforces strict penalties for bribery and corruption. The Irish government actively investigates corruption allegations through An Garda Siochana and has established the Criminal Asset Bureau to seize illegally acquired assets. Despite these measures, Ireland faces challenges with organized crime, including drug trafficking and cybercrime, while local communities often feel vulnerable to criminal activities.

Ireland's economy faced a recession in 2023, marking its first decline 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 strong employment rate of 4.5 percent and a record 2.71 million people employed in 2023. The government actively promotes foreign direct investment, benefiting from a favorable corporate tax rate and a skilled, English-speaking workforce.

Ireland actively promotes foreign direct investment (FDI), successfully attracting numerous U.S. companies, particularly in sectors like pharmaceuticals, technology, and financial services. The country benefits from a favorable corporate tax rate, a skilled English-speaking workforce, and access to the EU market, although challenges such as high operating costs and a burdensome planning permit system exist. Recent changes, including an increase in the corporate tax rate to 15% in 2024, reflect compliance with OECD agreements, while new investment screening legislation is set to be operational by late 2024.