Minister announces crackdown on money laundering

The Minister for Justice has announced a fresh crackdown on money laundering, with the publication of a new bill which implements the requirements of the EU Money Laundering Directive.

It increases the obligations on financial institutions, lawyers, accountants and State agencies to monitor and report any suspicious activity.

All relevant bodies would have to implement specific anti-money laundering procedures and report suspicious transactions to the Gardaí.

Minister Dermot Ahern said the Bill would go through the Oireachtas in the autumn.