N.Ireland: New powers to tackle terrorist money laundering

Beefed up powers to tackle potential international terrorist money laundering are to be extended to Northern Ireland.

New safeguards allow the Department for Enterprise, Trade and Investment (DETI) to supervise credit unions. Minister Arlene Foster (DUP, Fermanagh and South Tyrone admitted there was no evidence of them funding global guerilla groups.

The Counter-Terrorism Bill has almost completed its passage through Westminster, with a late amendment handing extra responsibility to her Department.

Ms Foster said: "The amendments, which were tabled at a late stage in the parliamentary progress of the Bill and confer additional functions on my Department, concern the use of financial measures in relation to international jurisdictions where money laundering, among other activities, is of concern to the government.

"They represent a strengthening of the provisions contained in the Money Laundering Regulations 2007, introduced under the Third EC Directive on Money Laundering and which already extend to Northern Ireland.

"This 'beefing-up' of the provisions is required as the current powers in the 2007 regulations do not fully address issues of international restrictions."

She didn't foresee any involvement of Iran in credit unions like Ballynafeigh in south Belfast.

Alasdair McDonnell (SDLP, South Belfast) said it was bizarre that unions should be faced with this issue.

Mitchel McLaughlin (Sinn Fein, Foyle) added that he wanted an assurance that the work of credit unions would not be hampered.

Ms Foster promised light-touch regulation.

Source: belfasttelegraph