Fraud and money laundering
The Irish government has updated its national risk assessment on anti-money laundering and combatting the financing of terrorism (AML/CFT), warning that dirty money risks posed by cryptocurrency in Ireland are ‘very significant’. Irish-regulated crypto-asset service providers ‘face challenges in hiring risk and compliance staff with both expertise in the underlying technology and knowledge of the AML/CFT requirements’, according to the report. It was released alongside a 30-point plan to improve Irish AML/CFT, including boosting data collection and better analysis of ML/TF threats and vulnerabilities.
The Irish Auditing and Accounting Supervisory Authority (IAASA) has released draft guidance for accountancy bodies on how to conduct investigative and disciplinary proceedings to assess possible misconduct by accountants and auditors. The goal is to ensure fairness, impartiality, confidentiality, timeliness and appropriate penalties. ACCA’s latest guidance on disciplinary sanctions came into effect in April 2024.
IAASA has proposed changes to its ISA (Ireland) 240 standard on auditor responsibilities relating to fraud discovered through an audit, and to its ISA (Ireland) 570 standard on going concern. The changes reflect amendments to International Auditing and Assurance Standards Board (IAASB) guidance.
Sustainability
The European Financial Reporting Action Group (EFRAG) has identified two Irish sustainability data and analysis platforms that can be used in VSME reporting (the EU’s voluntary sustainability reporting standard for SMEs). The European Commission is drafting a new regulation on operating this standard, and EFRAG has advised on the availability of free online analysis resources aiding compliance. The two Irish platforms are: REEValue, a carbon footprint estimator, whose rollout has been led by the Cork Chamber of Commerce; and the Irish government’s Climate Toolkit 4 Business, a sustainability monitoring tool.
The IFRS Foundation has announced a training partner programme that will enable qualified organisations to instruct companies in using IFRS Sustainability Disclosure Standards. The foundation has recruited an initial cohort of training partners to launch the scheme and is inviting applications from further partners worldwide. The IFRS Foundation will support them in delivering training content using the materials it has developed.
Financial reporting
EFRAG has reported that SMEs in less populous EU countries, including Ireland, are interested in logging performance-based financial information on a voluntary information template at the European Single Access Point, which is run by the European Securities and Markets Authority. Startups in these countries will want to use a template to connect with European investors, as local financial markets are less developed, EFRAG says.
VAT and customs duty
Revenue has reminded consumers and businesses that, from 1 July, the import into Ireland of goods worth under €150 that have been purchased online from outside the EU (including from the UK) attracts €3 customs duty per item; previously they were duty-free. Each item within a parcel has to pay the duty – for example, a pen, notebook and keyring bundled together in one package has to pay €9 duty.
The Department of Finance has announced that VAT has been reduced from 13.5% to 9% from 1 July for hairdressing and food and catering services. The new 9% rate also applies to food and catering provided by hotels, but not to hotel accommodation. The initiative is designed to help small businesses.
