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Irish Finance Department To Boost Money Laundering Steering Committee

by Robin Pilgrim, LawAndTax-News.com, London

11 February 2004

The Irish Department of Finance announced this week that it intends to boost the Republic's Money Laundering Steering Committee.

Speaking to the Irish media, a spokesperson confirmed that:

"The range of bodies represented on the steering committee is under review in the light of the setting up of the Irish Financial Services Regulatory Authority (IFSRA) and the designation of certain professions under the Criminal Justice Act 1994."

Although the Finance Department has not yet provided detail on who will be asked to join the beefed-up steering committee, observers expect that industry groups representing auditors, auctioneers, estate agents, investment advisers, art dealers, and jewellers may be asked to provide members to represent them.

Meanwhile, the Revenue Commission announced this week that between May and December 2003, 2,688 suspicious transaction reports were made to the tax authority by financial institutions.

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