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Money-laundering guidance for charity trustees

The Charities Regulator, led by solicitor Helen Martin, has produced a practical guide to help charity trustees to identify and manage the potential for loss through terrorist financing activities or money laundering.

While the overall risk of money laundering and terrorist financing in the charity sector is judged to be medium-low, charities can be attractive targets for money launderers and terrorist organisations.

The new guidance document details the concepts of money laundering and terrorist financing and how they relate to charities.

It also covers how charities can protect themselves against this type of activity.

Loss of funds

This includes putting in place systems and processes to ensure that the charity is not used to launder money or finance terrorist activities, preventing the loss of charity funds. 

The Guidance includes:

• What a charity should do if it suspects money laundering or terrorist financing and
• What are the indicators of Money Laundering and Terrorist Financing.

The new guidance document is relevant for every charity operating in Ireland and it is aimed at charity trustees and key people within the charity including senior management, employees and volunteers.

The Charities Regulator has urged any person with a key role within a charity to familiarise themselves with this new guidance.