Joan Burton (Dublin West, Labour) | Oireachtas source

My question is a general one on reform in banking culture. There is a drugs crisis in our society which generates enormous profits that find their way into the banking system. How does the Central Bank address the issue of money laundering? The bank was blamed by the general banks last year, and before that, for the huge amount of inquiries that went to elderly people in nursing homes as to the security and genuineness of their identity. I took this up with a number of people in the Central Bank who said they did not share that view. There is, however, a massive problem with money laundering in the banking system and this is one our greatest social threats. We are dealing with cultural issues so can the witnesses tell me if they work with the Criminal Assets Bureau, CAB, to spot money laundering or identify if small or cash businesses are being used for money laundering? I specifically have in mind casinos which are all over Ireland, including Dublin, and are unregulated despite the fact that most local councils have voted against them. They are heavy cash-generating machines. In other jurisdictions, people dealing with banking culture go after these issues. If we are generating large amounts of illicit cash through the massive drug and gun industries in society, what is the Central Bank doing to identify the problem areas? Large amounts of money are being generated in other areas, with destructive effect. I understand that the bank now passports bank executives but that is not working in the context of how the flow of illicit money is proceeding. Are there CAB people in the Central Bank, sharing their knowledge with the bank? Do the witnesses know the profiles of depositors in certain institutions?