The Irish government has announced a 30-point action plan, XEM the misuse of cryptocurrencies as a top threat and requiring stricter vetting of funds before 2027.
Ireland has officially placed cryptocurrencies at the heart of its latest crackdown on increasingly sophisticated financial crime. On Thursday, the government released a new National Risk Assessment on money laundering, terrorist financing, and financing of weapons of mass destruction, accompanied by a 30-point action plan to strengthen the state's response capabilities.
The assessment identifies the misuse of crypto assets as one of the fastest-evolving threats, as criminals increasingly combine traditional cash-based methods with digital innovations, from crypto assets to intermediary networks for transferring illicit funds and sophisticated layered transaction techniques.
Strengthen the vetting process for funding sources related to cryptocurrency assets.
According to the Irish Treasury , one of the pillars of the plan is “enhanced safeguards for crypto assets and digital finance”. Specifically, the Irish Gambling Authority is tasked with developing an industry standard for accepting crypto-related activities as a source of funds, requiring businesses to conduct appropriate due diligence and verify the legitimacy of the funds.
This measure is expected to be implemented in Q2 2027, as part of a broader effort to tighten control over both the cryptocurrency and gambling sectors. Simultaneously, the Central Bank of Ireland has been tasked with building a systematic understanding of how emerging technologies, including artificial intelligence, both create new vulnerabilities and provide useful tools for anti-money laundering efforts.
The plan also grants new powers to anti-money laundering supervisory agencies to impose fines, subject private membership gambling clubs to mandatory licensing, implement a “closed-loop” rule for gambling winnings, increase transparency in business ownership, and allow money laundering investigations to run parallel with tax investigations.
The assessment ranks Ireland's overall money laundering threat as Medium, terrorist financing as low, and is XEM as preparation for the Financial Action Task Force's (FATF) 2028 Mutual Review.
Deputy Prime Minister and Treasury Secretary Simon Harris emphasized that crime is becoming increasingly sophisticated, exploiting technology and operating across borders, while warning that financial crime directly harms the elderly, families, and communities.
Justice Secretary Jim O'Callaghan called the plan a practical roadmap, being implemented in conjunction with An Garda Síochána, the Internal Revenue Service, and the Central Bank. This move follows a notable incident in March, when the Criminal Assets Bureau breached a Bitcoin wallet containing 6,000 BTC seized from a drug trafficker in 2019, now valued at approximately $383 million.
