Money launderers face ‘unlimited’ fines
These three businesses are among 10 professions which will be legally obliged from September 15 to inform the gardaí and the Revenue Commissioners of any suspicious financial transactions worth over 1,500 by clients.
Among the other professions are solicitors, auditors, tax advisers, investment firms as well as dealers in art, precious stones and precious metals.
They join financial institutions, which have been legally required to report any such transactions since the Criminal Justice Act 1994.
Speaking at a major European law conference in Dublin yesterday, Justice Minister Michael McDowell said the extension of the Act followed an EU directive.
"It makes it a bit more difficult for people effectively facilitating money laundering. It imposes on them a specific legal liability, which they'll be called to account for if they breach it," said the minister.
Under the 1994 Act, people convicted summarily before the district court can be fined up to €1,270 and/or imprisoned for up to 12 months. If they are convicted on indictment before a higher court they can be hit with an unlimited fine and/or up to five years in jail.
The minister said solicitors and other people advising or representing clients involved in court proceedings were exempt from the law.
He said bookmakers were not included under the EU directive and said they were a matter for the Department of Finance. A Department of Finance spokesperson said there were "no plans at the moment" to bring in any such proposal.
Yesterday's conference at Dublin Castle organised by the Irish Centre for European Law discussed developments in the EU criminal and judicial area, including:
Proposals for an EU Public Prosecutor The European Arrest Warrant EU anti-terrorist legislation Mr Justice Nial Fennelly of the Supreme Court said the European Arrest Warrant was "radical and disturbing" for a common lawyer.
"There is little doubt that the well-established habit of Irish judges in the protection of constitutional rights offers scope for resistance to surrender pursuant to an arrest warrant," he said.
The Director of Public Prosecutions James Hamilton said the proposal to create a European Public Prosecutor required attention.
"If it comes to pass it will significantly alter the landscape of criminal practice within the European Union," he said.
Professor Ivana Bacik of Trinity College Dublin criticised the recent EU Council Decision on Terrorism and the Irish Terrorist Offences Bill 2002, which will implement it.
She said the definition of a terrorist offence was too broad and could include all forms of legitimate protest, including anti-globalisation and anti-war protestors.
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