Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Ireland

You are looking at 1 - 10 of 24 items for :

  • Type: Journal Issue x
  • Criminology x
Clear All Modify Search
Cover IMF Staff Country Reports
Nordic-Baltic Regional Report: Technical Assistance Report-Nordic-Baltic Technical Assistance Project Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
International Monetary Fund. Legal Dept.
This paper presents a regional report on Nordic-Baltic technical assistance project: financial flows analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. The purpose of the project is to conduct an analysis of cross-border ML threats and vulnerabilities in the Nordic-Baltic region—encompassing Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden (the Nordic-Baltic Constituency or NBC)—and issue a final report containing recommendations for mitigating the potential risks. The financial flows analysis presented in this report is based on the IMF staff’s analysis of cross-border payments data. Six out of the eight Nordic-Baltic countries have seen an increase in aggregate flows since 2013. Monitoring cross-border financial flows provides countries with a deeper understanding of their external ML threat environment and evolving cross-border related risks they are facing. Leveraging broader analysis of ML/TF cross-border risk, the Nordic-Baltic countries should develop their own understanding of higher-risk countries reflecting country-specific ML/TF threats.
Keywords:
TF risk assessment; colleges participation; TF risk; EU Anti-Money Laundering Authority; supervisory cooperation; information Sharin; Anti-money laundering and combating the financing of terrorism (AML/CFT); Virtual currencies; Correspondent banking; Internal controls; Financial sector stability; Baltics; Global
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism
International Monetary Fund. Monetary and Capital Markets Department
While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds. As a growing international financial center,1 Ireland is exposed to inherent transnational money laundering and terrorist financing (ML/TF) related risks. The ML risks facing Ireland include illicit proceeds from foreign crimes (e.g., corruption, tax crimes). Retail and international banks, trust and company service providers (TCSPs),2 lawyers, and accountants are medium to high-risk for ML, while virtual asset service providers (VASPs) pose emerging risks. Brexit, the recent move of international banks to Dublin, and the COVID-19 pandemic increased the money laundering risks faced by Ireland. The Central Bank of Ireland (Central Bank) nevertheless has demonstrated a deep and robust experience in assessing and understanding their domestic ML/TF risks; however, an increased focus on risks related to transnational illicit financial flows is required. A thematic risk assessment undertaken by the Anti-Money Laundering Steering Committee (AMLSC) of international ML/TF risks would enhance the authorities’ risk understanding and is key to effective response to the rapid financial sector growth. Introducing data analytics tools, including machine learning to leverage potentially available big data on cross-border payments, would allow for efficient detection of emerging risks. The results of this assessment should be published to improve the understanding of transnational ML/TF risks and feed into the anti-money laundering and combating the financing of terrorism (AML/CFT) policy priorities going forward.
Keywords:
TF risk; TF threat; supervisory approach; central bank of Ireland; risk assessment; fund FSAP team; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector; Financial Sector Assessment Program; Terrorism financing; Tax evasion; Global
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note on Oversight of Fintech explains that Ireland’s fintech sector is growing in importance through the entry of innovative new players and digital transformation of incumbents’ business models and products. This note seeks to identify risks arising from fintech as well as policy responses by authorities. The Irish Government has adopted a Strategy implemented by annual action plans for the development of Ireland’s international financial services sector that includes several initiatives of relevance to fintech. The Central Bank has an Innovation Hub that provides a single point of contact for stakeholders on fintech-related issues. Under the EU’s passporting framework host regulators receive limited information on the activities that passporting entities carry out in their jurisdiction. Incumbent retail banks in Ireland are dedicating significant resources to digital transformation, while fintechs are enlarging consumer choice through innovative new services. The Central Bank should further intensify its efforts to monitor developments on crypto-assets through systematic data collection within the scope of its powers and, where unacceptable risks remain, issue carefully targeted warnings and investor communications.
Keywords:
central bank of Ireland; support firm; markets authority; host regulator; customer base; Fintech; Virtual currencies; Financial sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Cyber risk
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
This paper focuses on overcoming fears of technology and globalization means rethinking the rights and obligations of citizenship. While the causes of our discontent vary, they all point to the need to revitalize politics, economics, and social contract to provide citizens with a greater sense of security and confidence in the face of impending changes. The backlash highlights the need for a new social contract, one that adapts to changed economic realities and better manages the social implications of globalization. The social contract includes the payment of taxes in exchange for public goods, and the way that society looks after the old, the young, the infirm, and those who have fallen on hard times. Countries with greater social mobility grow faster because they more effectively match people to the right jobs. Another way to address inequality would be to put a floor under incomes, which would help ensure that even low-wage earners can enjoy a reasonable standard of living.
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy; social insurance policy; governance of migration; s story; desk drawer; Personal income; Women; Income inequality; Global; Africa; Europe; East Asia; South Asia; Tax allowances; Social assistance spending; bond VigilanteBook review; time TravelerStraight talk; ProtectionPoint of view
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program: Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland’s insurance sector. Insurance in Ireland is well developed, diverse, and has a large international business presence. Insurance penetration in Ireland is almost three times the EU average. Many recommendations have been implemented by the central bank, with Solvency II now the solvency regime in Ireland. In total, 51 Supervisory Review Process guidance papers have been prepared setting out the central bank’s internal supervisory processes and procedures under Solvency II with reference to the technical standards and guidelines and the central bank’s prioritization framework. Forty-seven of these were complete as of the end of 2015.
Keywords:
ISCR; CR; holding company; variable annuity; Solvency II; corporate governance; risk management; Group firm; cost of capital; risk assessment; return on equity; group level; nonlife company; Group supervision; manage Central Bank risk; IMF finding; conduct risk; Insurance companies; Solvency; Insurance; Stress testing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Europe