Sir, - With reference to your editorial of October 20th, the constructive role of the banking sector in combating money laundering activities in Ireland has been acknowledged internationally as well as nationally.
In 1998 the OECD's Financial Action Task Force on Money Laundering completed its second evaluation of Ireland's policy and reporting system on money laundering. It complimented the active role played by the banking sector. Further initiatives, such as the bank liaison officer system, have since been introduced and have been welcomed by the Garda authorities.
The records show that a total of 1,200 "suspicious transactions" were reported to the Garda during 1998, most from the banking sector. Reporting figures for 1999 to date indicate a similar pattern of active co-operation and compliance. - Yours, etc.,
Felix O'Regan, Manager, Irish Banks' Information Service, Nassau Street, Dublin 2.