Massive increase in reports of money laundering

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August 22 2018

Banks and other financial institutions reported more than 24,000 transactions involving suspected money laundering to the authorities last year, double the number reported five years ago.

The transactions ranged from the proceeds of suspected social welfare fraud and minor drug dealing being lodged into credit union accounts to suspected cases of terrorism financing and money laundering by major drug gangs. All banks, credit unions and lenders must monitor customer accounts and report suspicious transactions and lodgements to the Revenue Commissioners and the Garda Financial Intelligence Unit.