McAleese signs new money laundering legislation

The President Mary McAleese has signed new legislation to strengthen our money laundering laws.

The Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 increases obligations on credit and financial institutions and on professionals like lawyers and accountants.

They are now required to identify customers and report suspicious transactions to the Gardaí and to the Revenue Commissioners.

The Justice Minister Dermot Ahern has welcomed the new legislation, which is now in effect.