€5.4bn laundered through Ireland in just one year

A report by accountants Grant Thornton has estimated that over €5bn was laundered through this country in 2012.

It said that while measures to combat money-laundering here has improved, with the delayed implementation of a European directive, there has been a growing international demand for illicit goods and transactions.

The report said criminals and terrorists have sought to exploit the country’s open economy and reliance on foreign investment to wash their earnings back into the system.