The Irish garda are poised to adopt new measures to clamp down on money laundering, once a law currently being finalised by Department of Justice officials is passed.
The planned legislation will target the movements of large sums of cash, and solicitors, auctioneers, accountants and estate agents will be obliged to report major cash transactions. At the moment the obligation applies only to financial institutions, but it is intended to include a fresh money laundering directive in a Government bill to be published in the spring.
Government advisers decided to delay moves to expand the crackdown until the EU agreed on international measures to tackle money laundering, but officials have now been given the go-ahead to complete their review of existing legislation and introduce changes which will also facilitate the smoother prosecution of suspected criminals.
A special investigation unit to combat money laundering exists within the Garda national fraud bureau, and last year more than 1,400 suspicious transaction reports involving over I£100m were lodged with the unit by bodies designated under the Criminal Justice Act 1994. This is expected to increase significantly when the designated bodies are widened in the proposed new legislation.
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