The Government is to draw up new legislation aimed at preventing money laundering and the funding of terrorism.
Minister for Justice Brian Lenihan said he had received Government approval for a new Bill intended to transpose the EU's Third Money Laundering Directive into Irish Law.
Mr Lenihan said the consultation process on the Bill would be open to the public and bodies in the financial services sector, who would ultimately have to ensure their practices are in line with legislation aimed at "avoiding abuses of the system by people with criminal intent".
"It is important for Ireland's continued reputation as a centre of financial excellence that our legislation aimed at preventing money laundering and terrorist financing is in line with the very highest international standards," Mr Lenihan said today.
"I will carefully consider all issues which may be raised by those affected by the legislation in the context of what the law requires."
