Small firms group criticises EU money laundering directive

AN expert body is to determine which businesses will have to comply with strict new European Union money laundering requirements.

A steering committee comprising gardaí; the Department of Finance; the Department of Justice and the Irish Financial Services Authority is to meet to list the designated businesses. The group will begin the process once the Department of Finance publishes regulations on the implementation of the Third Anti-Money Laundering Directive.

The directive, which builds on two previous directives, was agreed by European Union finance ministers on Tuesday. The directive extends money laundering requirements beyond financial institutions and professions, such as accountants and solicitors.