Hot money in the spotlight

DRUG dealers, money launderers and tax evaders are coming under the scrutiny of UCC money traceability project being conducted on behalf of the Financial Regulator.

The Financial Services Innovation Centre (FSIC) at UCC is investigating whether IT traceability technology can help State authorities identify money which is being exported illegally from Ireland. These studies are examining monies being transferred physically and electronically, tracing them with the aid of biometrics (finger-tip recognition, etc) and other cutting edge IT technologies.

The primary focus of the study will be to examine monies being repatriated by immigrant workers in Ireland, partly to ensure that they are not paying excessive transaction fees. The study will also assess whether new technologies can help ensure all monies have entered the Irish taxation system before leaving the country.