A recent The Irish Times report shows that recorded money laundering crimes more than doubled since the start of Covid-19 compared to the previous year.
524 money-laundering crimes were recorded in 2020, up from 234 in 2019. There were only 83 money laundering offences reported in 2018, and less than 50 a year between 2012 and 2017.
The Garda and Revenue Commissioners received 28,865 suspicious transaction reports (STRs) in 2020. The Revenue state that the yield from compliance interventions directly linked to STRs was €1.6 million.
The number of STRs represents a 13 per cent increase on the 2019 total. This trend represents the changing face of crime in Ireland, more of which is taking place online.
Are you up to date with your Anti-Money Laundering (AML) responsibilities? The law changed on 23 April and we have published our latest AML Policies, Controls & Procedures Manual for 2021.
The Manual follows the enactment of the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 now fully in force. Future blogs will look at various parts of the new and existing provisions of this legislation.