Few prosecuted for money laundering

FEW people have been prosecuted for money laundering in Ireland, despite the existence of powerful legislation, according to an international study.

But the gardaí, it also emerged, had “limited” resources to investigate the rapidly growing number of suspected money laundering transactions.

“Ireland has a sound legal framework in place to combat money laundering, although the number of convictions for money laundering is somewhat low,” noted the report of the Financial Action Task Force (FATF).