Ms Seana Cunningham:

The Central Bank looked at the risks associated with the sectors we supervise. We were very much informed by An Garda Síochána as to where they saw the risks. The report was Ireland's view, at that point in time, of the national risks and there was also a supranational risk assessment, carried out at European level. Money flows do not respect borders so there needs to be an international context. The FATF review was carried out just over two years ago and the report identified the Central Bank's role, as well as the role of other compliance supervisors. The rating we got was "substantially effective" but there are issues on which Ireland needs to follow up and we are doing that through the anti-money laundering steering committee.