Drug dealers and racketeers are using banks and building societies to launder up to £18 million a year in Northern Ireland, it has been claimed.
With the British government backing a major new offensive to confiscate the assets of paramilitaries, financial service firms have been warned of attempts to hide illegal money raised through racketeering and extortion.
Business advisers PricewaterhouseCoopers (PwC) urged company representatives at a major conference in Belfast to be alert for criminals trying to exploit Northern Ireland's EU land border.
PwC partner Mr Paul Kinney told delegates: "Financial advisers, banks and others offering their services to the public will undoubtedly be targeted by criminals attempting to introduce the proceeds of crime into legitimate financial markets."
Delegates were told that in its latest report the Northern Ireland Affairs Committee at Westminster estimated at least £18 million worth of illicit trade was amassed every year.
The seminar was organised by the Financial Services Authority (FSA).
As money laundering continues to rise, the FSA can use its powers to investigate any regulated company or individual in the banking, insurance and financial services sector.
Any firms found to have broken the rules can face unlimited fines and the authority can stop them from continuing to trade.
PA