Tommy Broughan (Dublin North East, Labour)
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Question 30: To ask the Minister for Justice, Equality and Law Reform the reason for the failure to implement the 2005 EU Directive on money laundering by the deadline of December 2007; when the required legislation will be published; and if he will make a statement on the matter. [46739/08]

Dermot Ahern (Louth, Fianna Fail)
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Legislation to give effect to Directive 2005/60/EC known as the 3rd EU Money Laundering Directive and the related Implementing Directive 2006/70/EC is being drafted at present. The proposed legislation will also take into account relevant recommendations arising from the Financial Action Task Force (FATF) third mutual evaluation report (2006) on Ireland's measures to combat money laundering and the financing of terrorism.

As the Deputy is no doubt aware Ireland already has effective anti-money laundering and anti-terrorist financing legislation in place as set out in the Criminal Justice Act 1994 and amended by the Criminal Justice (Theft and Fraud Offences) Act 2001 and the Criminal Justice (Terrorist Offences) Act 2005. The legislation which is now being prepared will update the current legislation and further strengthen the legal framework in place.

Due to the importance and relevance of this legislation to a wide range of stakeholders in the financial, commercial and other sectors, following Government approval in February to the drafting of this legislation, approval was also given to the publication on my Department's website of the General Scheme of the proposed Bill and for the initiation of a consultation process involving all interested parties. An extensive consultation process took place in which a wide range of bodies including representatives of the financial services sector participated and which has proved extremely useful in identifying and clarifying relevant issues. The proposed legislation is complex and as I have mentioned is of importance to a wide range of sectors.

I am also taking the opportunity through this Bill to repeal and consolidate the existing anti-money laundering provisions, an approach which will facilitate all bodies and agencies who operate in areas affected by this legislation.

I can assure the Deputy that priority is being given to the drafting of this Bill and my Department is working closely with both the Department of Finance and the Office of the Attorney General to expedite the completion of the Bill as soon as possible. I expect to be in a position to publish the Bill as early as possible in 2009.