Money laundering
Related Articles
Wednesday March 10 2010
THE increasingly sophisticated nature of criminal activity and the increasingly international dimension to a great deal of crime has had the effect of making the crime of money laundering more prevalent and, in this electronic age, far more difficult to detect, the Minister for Justice, Equality & Law Reform Dermot Ahern told the Seanad.
Speaking during a debate on a new money laundering bill, he said most significant crime involving money or property would inevitably involve the concealing of that money or property from the lawful authorities.
' The penalties for money laundering reflect the seriousness of the offence. For example, a person convicted on indictment could be jailed for up to 14 years or given an unlimited fine, or both. The penalty for a person found guilty on summary conviction is a fine of up to E5,000 and a term of imprisonment of up to 12 months.'
Minister Ahern said those covered by the provisions of this Bill were referred to as 'designated persons'. The list of designated persons was extensive and included credit and financial institutions.
