Sunday October 25, 2020

New legislation targets financing of terrorism

New laws compelling tax advisers and banks to detect and report suspected financing of terrorism have been signed into law.

9th April, 2005

The new legislation, which is contained in the Criminal Justice (Terrorist Offences) Act 2005, creates the new offence of financing terrorism and contains measures forcing a number of designated bodies to adopt measures to prevent and detect attempts to finance terrorism.

The law extends the obligation on tax advisers and financial institutions to report suspicions “of the commission of a terrorist financing offence'‘ to the Garda and the Revenue Commissioners. There is also a provision in...

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