Nuclear proliferation risks from magnetic fusion energy associated with access to fissile materials can be divided into three main categories: 1) clandestine production of fissile material in an undeclared facility, 2) covert production and diversion of such material in a declared and safeguarded facility, and 3) use of a declared facility in a breakout scenario, in which a state openly produces fissile material in violation of international agreements. The degree of risk in each of these categories is assessed, taking into account both state and non-state actors, and it is found that safeguards are required for fusion energy to be highly attractive from a non-proliferation standpoint. Specific safeguard requirements and R&D needs are outlined for each category of risk, and the technical capability of the ITER experiment, under construction, to contribute to this R&D is noted. A preliminary analysis indicates a potential legal pathway for fusion power systems to be brought under the Treaty for the Non-Proliferation of Nuclear Weapons. "Vertical" proliferation risks associated with tritium and with the knowledge that can be gained from inertial fusion energy R&D are outlined.