Monday, 27 May 2019

How new anti-money laundering laws will help gardai catch crypto-crooks

This Bill will strengthen existing anti-money laundering legislation and will give effect to provisions of the Fifth EU Money Laundering Directive

New sweeping anti-money laundering laws will help gardai target crooks using crypto currency to hide their criminal cash.

The new Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 has got the go ahead from the cabinet.

This Bill will strengthen existing anti-money laundering legislation and will give effect to provisions of the Fifth EU Money Laundering Directive.

Among the new laws it will target virtual currencies for terrorist financing and limiting the use of pre-paid cards.

It will also ensure safeguards for financial transactions to and from high-risk third countries.

Minister Charlie Flanagan hailed the new bill and aid it is important step in controlling organised crime groups.

He said: “ My message to criminals is clear: those engaging in corruption or money laundering in Ireland will not get away with their crimes.”

He added: "This is another important piece of legislation for tackling money-laundering. The reality is that money laundering is a crime that helps serious criminals and terrorists to function, destroying lives in the process.

"Criminals seek to exploit the EU’s open borders and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the Fifth EU Money Laundering Directive. ‘’

Minister Flanagan also praised the efforts of the Criminal Assets Bureau.

He added: “CAB has had a very successful 2018 with a huge increase in its targets. Its operations make clear to criminals that crime will not pay. I urge anyone with concerns that people are benefitting from the proceeds of crime to contact CAB in confidence.


source: dublinlive.ie 
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