Department of Justice STR Statistics 2018March 2020
The Department of Justice and Equality
publish annual reports; the purpose of this is to provide details on Ireland’s
response to Money Laundering and Terrorist Financing taking into account: the
legislative regime; international dimensions; the regulatory framework;
enforcement; and supervisory authorities. Although the Department just recently
published the 2018 report at the end of February 2020, we are still awaiting
publication of the report for 2019. Figures for 2018 show almost 24,000 suspected cases of money laundering or terrorist financing were reported in 2018 a
decrease of almost 2% on the previous year. A smaller number of cases — 23,442 — were reported to Revenue, despite
the requirement to notify both the Gardai and Revenue of all suspect activity.
The key takeaways are:
- The 2018 report indicates that over 80% of cases reported to Revenue
concerned tax-related offences.
- The The quality of the content of STRs submitted since June 2018 has improved following the acquisition of the online STR system GoAML.
- It is now mandatory for all reporting entities to register and when reporting specify what the potential criminal indicator is for each STR. This assists in the prioritisation process.
- Revenue said information generated from such reports had resulted in an additional tax yield of €4.7m.
- Criminal proceedings resulted in 73 individuals being charged with 284 money laundering offences during 2018. A total of 28 individuals were convicted of 130 money-laundering offences
- up from 11 individuals in 2017 —while one person was convicted of two terrorist financing offences.
- An individual was jailed for two and a half years at Waterford Circuit Criminal Court after pleading guilty to providing and attempting to provide funding for Islamic State.
- The Criminal Assets Bureau also secured court orders freezing 85 bank accounts and obtained a total of 228 orders over assets valued at €14.4m which were suspected of being the proceeds of crime such as drug-trafficking, fraud, and smuggling.
Rate of Compliance of entities regulated by the AMLCU (Supervision Arm of the Department of Justice)
By way of an example the report provides illustrations of compliance with legislation for certain sectors. The table below shows how Trust Company Service Providers (TCSPs), Private Members Clubs (PMCs) and High Value Goods Dealers (HVGD) have adhered to their compliance obligations:
The report also indicated that work on
transposing the 5AMLD should be completed by early 2020. The Directive extends
the rules on the use of virtual currencies, clarifies the requirements of the
beneficial ownership register and clarifies the minimum enhanced due diligence
protocol when conducting financial transactions.
view the report in its entirety click HERE
By Judy de Castro - Regulatory Consultant