The Association of Certified Anti-Money Laundering chapter last night launched its Irish to improve knowledge, skills and knowledge of those working in the field in Ireland. Money laundering can often be seen as confined to organized crime, but its scope is much broader than that and its connection with the financing of terrorism has become a particularly hot topic in recent months.
"Money laundering is the illegal movement of funds to commit a crime," said John Byrne, ACAMS executive vice president. "It may be human trafficking, drug trafficking, attacks on the elderly from the financial point of view and, of course, the secular work of terrorist financing - is a major problem throughout the world."
By establishing a chapter in Ireland, ACAMS will raise awareness of the sector's problems - and provide a platform to share best practices and experiences. The body said it is not only relevant for financial services companies that have operations here, but also the technology multinationals and start-ups that are indigenous increasingly exposed to the world of payments and transactions.
The fact that many international companies have bases in Ireland here do not necessarily higher risk of being a conduit for money laundering, according to Mr. Byrne, but does little more complicated things.
"There are more challenges," he said. "High financial technology such as Google and Microsoft companies have recently made a number of enforcement officers to deal with these new challenges, to explain the payment technology to regulators so they can understand better, so that they can understand the vulnerabilities and mitigate risk. "I do not think this is what the risk has increased, but there is a much more difficult business."
However, Mr. Byrne said the first case of the Irish Chapter ACAMS 'gave a strong reception, which he said is a positive sign of the will of the local industry is committed.
He said it was now crucial for those working in money laundering in Ireland to be aware of the problems, especially if the country is serious about trying to become a center of excellence for the implementation of financial services.
"There is always a financial aspect to terrorism, so if you are unwittingly part of a system where money spend by your organization, how it is detected, how it manifests itself and, I hope, how you prevent it?" He said. He also said it was vital for the creation of enterprises, especially those with a stake in financial services, to be aware of the regulations and requirements of the Day 1 -. if they seemed "These new companies recognize they need to understand the compliance with laws and regulations from the beginning, rather than trying to catch up later," Byrne said.
"The tax system of Ireland is the business in the European Union, according to a new survey by accounting firm PwC and the World Bank Paying Taxes report found that the average Irish company paid a little extra quarter of their tax earnings -. which was below the European average of over 40%, but not the lowest in the region as a whole was found that local companies had to spend two weeks year fiscal positions, while a Payment is made every six weeks - .. which was considerably lower than the international average This put Ireland for the first time in the ranking of the European Union, and sixth - with Qatar, the United Arab Emirates, Saudi Arabia, Hong Kong Emirates Singapore and better performance. "
"Technology giant Intel released disappointing quarterly results overnight, as the performance of your data center activity it fell below expectations. Revenue for the chipmaker rose slightly in the period, but the amount removed processors for high-range fell slightly below expectations. Intel still makes most of its money making chips for personal computers, but this market has been drastically reduced since users expect smart phones and tablets instead. Shares of the company fell in trading on the secondary market on the back of the results, despite themselves, including better than expected profit of more than $ 3.6 billion. "
"The price of oil fell again overnight, having picked up slightly in the last two trading Brent and West Texas Intermediate hovered just above $ 30 a barrel -. Having beaten in 12 years earlier in the week oil prices have fallen 15% since the beginning. of the year, with more than half its value in 2015. They who look set to remain under pressure as markets await the return of Iranian exports, once Western sanctions are lifted - something that could happen in the coming days. Falling oil prices added to nervousness in Asian markets, which largely closed lower overnight and down for a whole week. "
