New law targets gang funds and terror financing
Tuesday July 28 2009
TOUGHER and wider ranging measures to tackle money laundering and terrorist financing have been approved by the Government.
New legislation to be announced by Justice Minister Dermot Ahern today will beef up existing controls and extend their scope to include dealers selling high-end goods.
And the measures will also apply to drug barons and organised crime bosses who attempt to conceal their cash hoards outside the State, the Irish Independent learned last night.
A special monitoring unit will be set up by the Department of Justice to keep watch on sales involving cash receipts of at least €15,000 and the legislation will apply to jewellers, art and antique dealers and car and boat salesmen, among others.
Already covered by money-laundering laws are officials of financial institutions, such as banks, building societies and credit unions, lawyers, accountants, estate agents and tax advisers.
Under the new criminal justice bill there will now be an additional onus on them to identify customers at the start of their transactions, as well as report suspicious dealings to the gardai and the Revenue Commissioners.
Private members' gaming clubs, such as casinos, will be included in money-laundering law. These will also be monitored by the department.
Mr Ahern said last night that the Government had given approval for priority consideration of the bill by the Dail and the Seanad in the autumn session.
- Tom Brady Security Editor
