Bill on money-laundering introduced

LEGISLATION CRACKING down on money-laundering and terrorist financing was introduced by Minister for Justice Dermot Ahern.

He said the aim of the Criminal Justice (Money Laundering and Terrorist Financing) Bill was to combat the efforts of criminals and their associates to conceal the origin of the proceeds of criminal activity or to channel money obtained, lawfully or unlawfully, for terrorist purposes.

“What makes money-laundering such an important issue in the modern world is the increasingly sophisticated nature of this kind of crime,” the Minister said.

“That fact, allied with the increasing globalisation of both the financial and business worlds and the internationalisation of a great deal of criminal activity, makes the crime of money-laundering more prevalent.” Those covered by the Bill included bodies such as credit and financial institutions, as well as independent legal professionals. Private members’ gaming clubs were also included, he said.

Welcoming the Bill, Fine Gael justice spokesman Charlie Flanagan said progress had been tortuously slow. It was four years since the European Council passed the third EU money-laundering directive, which was due to be transposed into Irish law by December 2007.

“Some 13 member states transposed the directive in 2008,” said Mr Flanagan. “In the winter of 2009, we are, unfortunately and regrettably, part of a tiny handful of countries only now proceeding to transpose this directive into law.”

Labour’s Joanna Tuffy said all the problems created in the financial system, banks and economy were not due to the activities of organised criminals. “They are there because of financial speculation that was promoted by the banks and facilitated by many Government policies,” she said.