The Irish Auctioneers and Valuers’ Institute has distributed 200,000 leaflets to its members outlining the obligations facing estate agents to take specific measures to combat money laundering – under the 1994 Criminal Justice Act.

The aim of the IAVI information campaign is to further the public’s awareness of these requirements, particularly the legal obligation on auctioneers to secure and retain evidence of client identification.

Money laundering is a term which covers all the ways in which criminals attempt to turn the proceeds of their criminal activities into legitimate assets.

In response to an EU Directive, Ireland enacted the Criminal Justice Act 1994. Under this Act, money laundering is now a serious offence carrying a maximum penalty of an unlimited fine and a jail sentence of 14 years. It is also an offence to provide advice or assistance to a criminal in respect of money

Posted: 08|24|05 at 5:07 pm. Filed under: Auction News.