Tough laws to target terrorist financing amid EU legal threat

The Government will today finally agree to implement strict new laws to prevent money laundering and potential terrorist financing after the EU warned Ireland would be brought to court by May 8 if it failed to impose the clampdown.

Justice Minister Charlie Flanagan will bring the bill to today’s cabinet meeting, where he will say the new bill will give gardaí drastic new powers to inspect firms and track suspect funds in a bid to block money meant for IS and other organisations.

In early 2017, EU states including Ireland agreed to introduce strict new laws in their respective countries in a bid to clamp down on concerns extremist groups such as IS were funneling money through front companies.