Laundering transactions rise sharply

THE number of suspected money laundering transactions increased substantially last year and are continuing to rise this year, according to new figures.

The development comes as a new European Commission directive looks set to greatly expand money laundering investigations to include all businesses dealing in cash transactions of €15,000 or more.

Statistics from the Revenue Commissioners and the gardaí show there were 5,276 reports of suspicious transactions in 2004, compared to 4,254 in 2003, a rise of almost 25%.