Oireachtas Joint and Select Committees

Wednesday, 30 March 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Engagement with the Central Bank of Ireland

Photo of Peadar TóibínPeadar Tóibín (Meath West, Aontú) | Oireachtas source

I have a broad range of questions but I am conscious that there is only a minute left so I will stay specific to the current thread. It is my understanding each state has a responsibility to enforce sanctions in its own state. People will find it very significant that up to 15 of these entities have some relationship with sanctioned entities within Russia. Most people in Ireland would be quite shocked to hear that is the case currently. What level of research is being done by the Central Bank to ensure these sanctions are being enforced? Mr. Makhlouf said suspicions can be reported but is there not a responsibility on the Central Bank proactively to make sure financial institutions in the IFSC are not being used to circumvent sanctions against Russian entities?

Different news reports have shown that billions of euro could be circulating and sloshing around the IFSC in terms of sanction circumvention.

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