Pat Lorden

Good morning, David.

How are you this morning?

The reason they're in their sights is a lot of our organised criminals and our regular local criminals are utilising these shops and these premises to launder their money.

And we've seen this occurring for a number of years now.

Already watches and cars and boats and a lot of those areas come under the legislation.

But it's great to see that it's been extended out further to cover luxury goods like handbags and everything else.

Yes, I think it is.

The banks had to do it.

The credit unions had to do it.

Solicitors, auctioneers and everybody else has to do it.

So as we get better at doing our job in all the jurisdictions, the criminals will move to the lesser areas that are being patrolled, I suppose, and watched.

So it is important.

If they're turning over a lot of money, they need to be in a position to report it.

Well, really what happens at the moment in a jeweller shop in Dublin...

They're supposed to source out where you've got the money.

Have you got the wherewithal to have this amount of money?

And if they don't believe that you're legitimately in possession of this money, they should report it to FIU Ireland through the GoAML platform, which is in existence now for five or six years.

Yes.

What happens is all of these reports, they're called suspicious transaction reports.

All of these reports go into FIU Ireland and in tandem they're sent to Revenue.