Accountants seek clarification on law

ACCOUNTANTS have sought clarification from the Department of Justice regarding the implementation of tough anti-money laundering rules.

Under the regulations, which came into force yesterday, members of 10 specified professions who fail to report a suspicious activity involving money could face unlimited fines and even custodial sentences.

Certified accountants say the regulations were so broad that they oblige them to report suspected crime where the proceeds are as little as 15. “Our legal advice suggests that even the most trivial offence is caught and that proceeds of suspected indictable offences as low as 15 must be reported,” said Aidan Lambe of the Institute of Chartered Accountants in Ireland.