Money laundering - Progress for State against fraudsters

WHILE the vast majority of workers pay taxes on the nail, under a PAYE system that leaves little scope for extramural activities, so to speak, a lot of people resort to money laundering either to conceal criminal activities or avoid the revenue net.

Money laundering literally means washing ill-gotten gains or undeclared taxable income through layers of the financial system in order to give it a veneer of respectability.

Compliant taxpayers will be reassured to know the Revenue Commissioners are currently pursuing almost 30 prosecutions based on reports of suspected money laundering involving millions of euros.