Amid warnings that money laundering is reaching epidemic levels around the world, security and banking experts will meet in Dublin next month to debate the deepening link between cross-border financial fraud and international terrorism.
Keynote speakers at the sixth International Financial Fraud Convention, to be held from December 9th-11th, include the Minister for Justice, Mr McDowell; the Garda Commissioner, Mr Pat Byrne; the senior vice-president of Bank of America, Mr Brendan Hewson; and Mr Christopher Rose, economics secretariat of the Cayman Islands, one of the world's leading tax havens. Mr Max de Trensé, a spokesman for the conference, said offshore investment centres - including Ireland - were increasingly being targeted by money launderers.
Mr de Trensé said: "Financial fraud and trafficking in illegal funds by terrorist groups and criminal organisations are posing serious threats to the world's business and financial communities.
"Together with the drugs trade ... they now form one of the world's fastest-growing economies and its largest business in terms of annual turnover."
With money laundering ranking among the world's most profitable industries, offshore investment centres have faced strong criticism on the grounds they allegedly provided a haven for fraudulent business he said.
Criminals gangs engaged in financial fraud have started to model themselves on multi-national corporations. They are highly organised, widely dispersed and constantly expanding, said Mr de Trensé.
The conference will be held at Jury's Hotel, Ballsbridge. Delegates from more than 100 countries are expected to attend.
A special session will be devoted to the growth of "cyber-crimes" against bank and financial institutions.
Fears that terrorists are turning to money laundering to fund their activities prompted a crisis conference in the United States last year attended by 29 of the world's leading economies.
US Treasury Secretary, Mr Paul O'Neill, has urged developed nations to clamp down on launderers, warning that their activities furthered the cause of global terrorists.
