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Gardaí has been given new powers to recover funds hidden abroad and suspected of being laundered or used to finance terrorist groups.
The amendments to the law, which came into effect yesterday, will strengthen cooperation with international bodies and allow them to request information to complete investigations into suspicious financial transactions.
The changes, which have been signed by Justice Minister Charlie Flanagan, expand the remit of the Financial Intelligence Unit (FIU), which is part of the Garda Economic Crime Bureau in Harcourt Square, Dublin. Legislative amendments will strengthen the unit's action if information from banks or other financial institutions is communicated to it about suspicious fund movements.
Senior officers said last night that the FIU was investigating international transactions with limited legislative support.
However, the amendments to the Criminal Justice (Money Laundering and Terrorist Financing) Act give it the power to share information with the corresponding units of other countries while requesting additional information from banks and accessing information. effective ownership records.
The amendments will allow Gardaí to request the retention of documents or documents relating to a relationship or a commercial transaction for ten years instead of the current five, although no decision has been made in order to 39 to institute criminal proceedings against a suspect.
The law stipulates that the FIU may, for the purpose of preventing, detecting, investigating or combating money laundering or the financing of terrorism, ask a person to provide him with information enabling him to carry out additional investigations of a transaction. .
The legislation also expands anti-money laundering powers to cover transactions in the gambling industry.
Irish independent
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