The CPI, or the Corruption Perceptions Index (CPI) is (according to the publishers Transparency International) the leading global indicator of public sector corruption and provides a comparative snapshot of 180 countries and territories. It is often used by MLROs as a supplementary tool to assist in their understanding of money laundering risks in overseas territories.
The next index, which will be for 2024, will be published on 11 February 2025 at this link.
Transparency International (TI) is a Berlin based non-profit organisation set up by former employees of the World Bank. The index is calculated using data from 13 external sources (including interviews of businesspeople around the globe) and scores countries out of 100, meaning that the higher the score, the lower the level of corruption is in the country. In the 2023 index, Denmark came out best with a score of 90.
Ireland has a score of 77 out of 100 in the 2023 index, with no change since 2022, meaning it ranks 11th out of 180 countries.
In its 2023 report it criticises the lack of access to the Irish RBO register about companies’ real owners which was significantly restricted for civil society and journalists across the EU. It states ‘Ireland for example, currently requires journalists and activists to provide not only proof that they are engaged in anti-money laundering work but also demonstrate that a company of interest is connected to financial crime. In practice, this may hinder most access requests as this approach expects applicants to already know the very information they are seeking to uncover. With Ireland’s importance as a financial centre growing, the country needs to ensure utmost transparency in the ownership of all types of vehicles that are currently vulnerable to abuse.’
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
