NEW legislation, soon to be pushed through Parliament by security minister, Peter Phillips, will stiffen the penalties for firearm offences, including allowing for life sentences for importing and distributing illegal guns.

Phillips also disclosed in a radio and television broadcast that the government would soon unveil an incentive programme to entice firearms from the streets, including rewards of up to $100,000 for information leading to the conviction for a firearm murder.

However, the precise scope of the proposed changes to the illegal firearm law was not defined by the minister, but last night, political watchers heard echoes of the 1970s Gun Court legislation which allowed for mandatory life imprisonment for people convicted of gun crimes.

Phillips also announced that he will plug loopholes in the current money laundering law and broaden the mandatory requirement by banks and financial companies for reporting of suspicious money transactions.

These measures are part of the crime fighting initiatives unveiled by Phillips last night, with a central effort plank being an assault on drug trafficking and gun-running.

“The attack on the illegal drug trade will involve … an assault on the financial proceeds of the trade, hitting it in the pocket where it matters most,” the minister said.

No specifics were mentioned.

When the current money laundering bill was being formulated in the mid-1990s, US diplomats here argued privately that it was not aggressive enough in its reporting requirements for banks.

According to Phillips, the police financial crimes unit was working with the finance ministry to build its intelligence capabilities so as to disrupt money launderers.

On the level of broader intelligence gathering, Phillips said the effort will require more modern and technologically-sophisticated techniques, for which he had already asked for help from the United States, Britain and Canada. He will visit these countries, starting next week, to advance this agenda.

Urgent passage by Parliament of the wiretap legislation, which is now before a select committee, was critical to this process, Phillips suggested.