Acquisition of a new IT Software Solution by the Financial Intelligence Unit on the 12/6/17
Acquisition of a new IT Software Solution (as part of An Garda Siochana’s Modernisation and Renewal Programme) by the Financial Intelligence Unit (FIU) within An Garda Síochána.
An Garda Síochána has acquired a new IT software solution system to be used by the Financial Intelligence Unit (FIU) within the Garda National Economic Crime Bureau (GNECB).
The Government, An Garda Síochána and indeed the international community have acknowledged the need for a broad and multi-disciplinary range of measures in order to efficiently and effectively combat organised crime, money laundering and terrorist financing.
The Financial Action Task Force (FATF) the inter-governmental body established in 1989 by the G7 nations to examine and develop measures to combat money laundering and, in more recent years, terrorist financing. FATF is the global standard-setter and promotes the "effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system”.
On Recommendations of FATF, FIUs have been established throughout the world to serve as each country's central reception point for the receipt, analysis and dissemination of information contained in Suspicious Transaction Reports (STRs) and other reports from competent authorities regarding suspicions of money laundering and/or terrorist financing, in compliance with each country’s established anti-money laundering and counter-terrorist financing regimes.
The FIU in Ireland is situated within the GNECB. The recently acquired IT software solution will ‘go live’ to all reporting entities at 8am on Monday, 12th June 2017 when reporting entities, designated under Irish anti-money laundering and counter-terrorism legislation, will be able to submit reports to the FIU where suspicions of money laundering or terrorist financing are identified.
The major benefits of the new IT software solution is the ability to receive reports of suspected money laundering and terrorist financing electronically in a secure environment and the analysis and dissemination of information to relevant authorities for investigation. It also provides for the prompt exchange of information between the FIU in Ireland and other FIUs throughout the world in the fight against money laundering and terrorist financing.
An Garda Síochána sees this IT software solution as a key tool in enhancing its ability to detect money laundering, terrorist financing and associated crime and to meet international anti-money laundering and counter-terrorist financing standards. Further information is available here.
