Gerry Horkan (Fianna Fail) | Oireachtas source

I was asked by a specific credit union to raise a point about a fine imposed on it for not complying fully with money laundering legislation. The credit union in question did not have any issue with solvency or a gap in its figures or hole in its accounts. A fine of €90,000 was imposed on an organisation that considers itself to be very much of the community and is not a large financial institution. On the calculation on which this fine was based and the issue of proportionality, we all want people who are engaged in illicit practices to be punished. In this case, a voluntary disclosure was made and the credit union held up its hands and admitted it had done something. A fine of €90,000 means much more to a credit union than it would to a large pillar bank or similar organisation.