According to reports in the Irish media, credit unions are set to be included in legislation designed to clamp down on tax evasion and money laundering.
The move was announced on Wednesday when the government added an amendment to the Financial Services Authority Bill. According to the Irish Examiner, the legislation also provides for the creation of a single regulator for the Republic's financial services sector, to be known as the Irish Financial Services Regulatory Authority.
Responding to the rule change which means that credit unions must now report to the Revenue Commissioners any customer whom they suspect of cheating on their taxes, opposition parties and industry body, the Irish League of Credit Unions (ILCU) expressed concerns over the additional compliance burden which will be placed upon credit unions by this provision.
Speaking on Monday, ILCU chief executive, Liam O'Dwyer explained that: 'We certainly have concerns with some of the amendments brought forward. But we hope other amendments will reflect the unique, and not-for-profit ethos of credit unions.'
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