Extended devolved government powers – to tackle potential international terrorist money laundering in Northern Ireland – were outlined by Economy Minister Arlene Foster.

The legislation is an extension of the Counter Terrorism Bill from Westminster and primarily targets foreign groups stocking up funds in the UK – or, in the Province's case, with credit unions.

But a section of it also strengthens existing anti-terror powers and could be used to clamp down on republican and loyalist terror organisations.

While there was no vote in the Assembly, there was an opportunity for Sinn Fein to oppose the legislation.

However, perhaps astonishingly, no republican opposition was raised.

The Counter-Terrorism Bill is on its way through the House of Commons and the Lords and an extension to Northern Ireland is being rushed through under Emergency Provisions at Stormont.

This means First Minister Peter Robinson and Deputy First Minister Martin McGuinness had to sign off the Bill.

Mrs Foster then read a statement to the Assembly, with the Bill also widely circulated to MLAs.

Last night, the DUP welcomed Sinn Fein's support for the law.

DUP MLA Simon Hamilton said: "I am glad that when the minister, Arlene Foster, outlined how amendments to the Counter-Terrorism Bill at Westminster would affect local credit unions that no concerns were raised about the inclusion of Northern Ireland in key money laundering elements of the Bill.

"All parties who are genuinely signed up to the principles of democracy should, as a matter of course, support legislation which defends liberty and opposes terror from whatever its source.

"It is welcome that the Assembly has, with one voice, sent out a strong message that it opposes terrorism and supports steps to tackle it."

Over the last decade, the IRA – confirmed in Independent Monitoring Commission reports – has siphoned off money into legitimate business enterprises.

It is also believed to have invested heavily in stocks and shares.

Laundering millions of dirty money has, allegedly, been the key part of its operations, post-ceasefires.

But when Mrs Foster read her statement to the House, Sinn Fein MLA Mitchel McLaughlin's concern was that there would be an assurance that the work of credit unions would not be hampered.

The new safeguards allow the Department for Enterprise, Trade and Investment (DETI) to supervise credit unions.

Minister Foster admitted there was no evidence of them funding global guerrilla groups and not likely to be.

She didn't foresee any involvement of Iran in credit unions like Ballynafeigh in south Belfast.

But the powers provided an available tool, if necessary.