Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

In speaking about it being operational in the early part of 2023, it is because I anticipate it will take time to get the legislation through the Oireachtas effectively and deal with the matters I am sure the Deputy and others will raise with me. In truth, the process of bringing this through the Oireachtas is only a small share of how long it has taken to develop this legislation overall.

The legislation has been a priority of mine and continues to be a priority but it required much engagement with the Attorney General and Central Bank to come up with a framework for dealing with the appropriate level of sanctions that the Attorney General is confident can be implemented and gets the balance right between the rights of an individual and the needs of us as a society to tackle this matter to put in place a more effective sanctions regime. We have had extensive engagement inside the Government with the Central Bank and the Attorney General on this matter. That has taken some time.