James Browne (Wexford, Fianna Fail) | Oireachtas source

I move amendment No. 9:

In page 16, between lines 11 and 12, to insert the following:

“Amendment of section 33AK of Central Bank Act 1942

26. Section 33AK of the Central Bank Act 1942 is amended, in subsection (10), in the definition of ‘supervisory EU legal acts’—

(a) in paragraph (ah), by the substitution of ‘12 December 2017,’ for ‘12 December 2017;’, and

(b) by the insertion of the following paragraph after paragraph (ah):

‘(ai) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No. 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018;’.”.

The purpose of this section is to add the anti-money laundering directives to the list of supervisory EU legal Acts in section 33AK(10) and thereby make clear that the professional secrecy obligations of section 33AK(1A) apply to the Central Bank in its role as an anti-money laundering supervisor. Section 33AK(1A) provides that a person to whom subsection (1) applies shall not disclose confidential information if such disclosure is prohibited by the Rome treaty, the ESCB Statute or the supervisory EU legal acts, which are referred to in section 33AK(1A). The amendment is proposed to ensure there is no ambiguity as to whether the provision of other supervisory directives will be sufficient to impose this duty.