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Money Laundering Bulletin

From terrorism to organised crime

Peter Mandelson, the Northern Ireland Secretary, announced plans to create a confiscation agency in the Province to deprive those involved in drug-trafficking and racketeering of the proceeds of crime, when he spoke at the annual Labour Party conference late last month. The UK government fears that the paramilitary groups have decided to focus more heavily on organised criminal activities with the decline in sectarian conflict. Belfast has already witnessed violent internecine struggles as Protestant factions seek to gain sway over their local community and each other. Mr Mandelson has asked the Security Minister, Adam Ingram, to bring together concerned agencies such as MI5, the police, the Inland Revenue and Customs and Excise to co-ordinate efforts to combat the problem of criminal funding. They will also work with their counterparts in the Republic of Ireland when appropriate. Without specifying a timetable for implementation, Mr Mandelson indicated that the programme would include new confiscation powers that would enable the authorities to expropriate non-cash assets and deny individuals the right to use land and property to launder the proceeds of crime. “No longer will the paramilitaries be able to salt away the profits from their ill-gotten gains,” said Mr Mandelson. “Those days must come to an end.”

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