Ireland has published a comprehensive anti-money laundering strategy, setting out how the country plans to address digital assets that could potentially be used for illicit purposes.

In a Thursday notice, the Irish government released its first National Anti-Money Laundering, Countering Financing of Terrorism and Countering Proliferation Financing Strategy. The document, prepared by the Department of Finance, contains proposed reforms to cryptocurrency-related policies aimed at strengthening anti-money laundering (AML) and countering the financing of terrorism measures. The strategy was launched by Tánaiste and Minister for Finance Simon Harris, according to the official government announcement.

"The bulk of this has been implemented with these final elements introducing new anti-money laundering obligations for crypto-asset service providers, requiring enhanced checks on transfers involving private crypto wallets and stricter due diligence when dealing with overseas crypto firms," the Irish government said.

The enhanced scrutiny of transfers involving private, or unhosted, wallets aligns with the so-called Travel Rule promoted by the Financial Action Task Force (FATF), the global standard-setter for AML rules, which requires crypto-asset service providers to collect and share information about the originators and beneficiaries of transfers. The EU gave these requirements legal force through its Transfer of Funds Regulation, which applies to crypto-asset transfers from the end of December 2024.

The strategy notes that there is "well advanced" legislation to implement AML/CFT rules under the European Union's Markets in Crypto Assets (MiCA) framework. MiCA is the EU's landmark rulebook for crypto assets, which fully took effect across the bloc at the end of 2024 and introduced a harmonized licensing regime for crypto-asset service providers operating in member states. Ireland's move also comes as the EU overhauls its wider AML architecture: in 2024 the bloc adopted a single anti-money laundering rulebook and established a new EU-level authority, AMLA, headquartered in Frankfurt, which is slated to take on direct supervision of some of the largest cross-border financial entities, including crypto-asset service providers, as it becomes fully operational.

The document also addresses industry standards "relating to the acceptance of crypto-related activities" as a source of funds for gambling. Gambling has been an area of active policy reform in Ireland, which passed the Gambling Regulation Act in 2024 and established a new national gambling regulator.

Ireland's AML strategy is the latest step in the government's efforts to address the risk of digital assets being used for money laundering and terrorism financing. In June, the country released its first national risk assessment on crypto in seven years, saying it planned to implement industry standards by the second half of 2027. Ireland has also become a common European licensing base for international crypto firms, with several major platforms securing Irish authorization to passport services across the bloc under MiCA, giving the national strategy's rollout practical significance for operators serving EU customers from Dublin.

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