Money-laundering offences rise 10 per cent to all-time high

By Ian Kehoe

The number of suspected money-laundering offences in Ireland rose by about 10 per cent to an all-time high last year, according to new figures.

More than 12,000 instances of suspected money-laundering and tax evasion were reported to the authorities last year by banks, financial institutions and designated professions, including tax advisers and accountants.

According to the Revenue Commissioners, 32 of the reports are relevant to ongoing criminal investigations in tax and duty cases.

The Revenue Commissioners and the Garda Bureau of Fraud Investigation liaise jointly on these reports.

More than 10 per cent of all the reports last year led to full investigations, while about 5 per cent related to the suspected financing of terrorism.

Under Irish law, financial institutions and a number of professions (including tax advisers, solicitors, accountants and auctioneers) have to submit a report to the Garda and the Revenue Commissioners if they suspect unusual behaviour.

Gardai and tax officials meet once a month to review new cases and emerging trends.

While the gardai have responsibility for investigating money-laundering by criminals, the Revenue is charged with pursuing tax evasion and commercial smuggling.

A 2006 report on Ireland by the FATF, an international anti-money laundering initiative, found that criminals were laundering money through credit institutions, money remittance companies, solicitors, accountants and second-hand car dealerships.

The report said money launderers were exploiting significant holes in the financial sector, and that anti-money laundering guidance in a number of key areas was ‘‘not enforceable by law, regulation or other means’’.

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