Ireland has just completed its first money laundering and terrorist financing (ML/TF) national risk assessment (NRA) with its aim to identify, understand and assess the ML and TF risks faced by Ireland. The NRA was undertaken in line with the Financial Action Task Force (FATF) analysis of the effectiveness of AML/CFT infrastructures. The European Union has adopted a similar risk based approach , and the 4th Anti-Money Laundering Directive will impose obligations on member states to contribute to an ongoing analysis of ML/TF risks at business, country and EU level.
The NRA, after consulting with relevant stakeholders has risk assessed Credit Unions as Medium-Low residual risk, i.e. after taking mitigants and other relevant factors into account.
A copy of the NRA can be accessed below.