New Irish Financial Regulator To Report Directly To Revenue Department
Recent reports have revealed that when Ireland's new single financial regulator
launches in 2003, it will have the authority to report directly to the Revenue
Commissioners any financial insitution which it believes is being used for tax
evasion or money laundering purposes. This is a significant extension on the powers afforded to the Central Bank,
which, since 1994 has been obliged to report any such suspicions to the Gardai,
but has not been able to go directly to the tax authority. When up and running, the new regulatory body will be responsible for the regulation
of all Irish financial institutions, including credit unions, credit institutions,
financial exchanges, stock exchanges, mutual funds, insurance intermediaries,
insurance companies, mortgage brokers, and investment intermediaries. According to the Irish Independent, the single watchdog will also have consumer
protection powers, and will incorporate staff from the Central Bank, the Department
of Enterprise, Trade and Employment, the Society of Friendly Societies, and
the Director of Consumer Affairs. .
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