McDowell widens money-laundering law

The Minister for Justice has extended the list of professions required to disclose suspected money laundering to the Garda and Revenue Commissioners.

Accountants, auctioneers, auditors, estate agents, tax advisers, solicitors, investment business firms, dealers in high-value goods, and casinos are now required to pass on the information. Previously, only financial institutions were required to pass on such information.

Mr McDowell signed the regulations yesterday fulfiling Ireland's obligations under the European Council Directive 2001 on prevention of the use of the financial system for money laundering.

The main changes in the new legislation concern customer identification, record keeping and the reporting of suspicious transactions.

The obligations will only apply to solicitors when participating in a limited number of activities while the reporting requirements do not apply to accountants, auditors, solicitors or tax advisers with regard to information they receive from, or in relation to, a client in certain circumstances.

These circumstances are :

• when ascertaining the legal position for that client
• when defending or representing a client in or concerning judicial proceedings
• when advising a client in relation to instituting, avoiding or defending judicial proceedings, whether such information is received or obtained before, during or after such proceedings.