Oireachtas Joint and Select Committees
Wednesday, 10 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Cyril Roux:
It's a very technical issue, so ... sorry, it's really technical here. The IMF felt that section 17 of the Criminal Justice Act of 110 asked for statutory guidelines to be issued and we looked at that and the Department of Justice said "Well, we can't issue these guidelines because that would be inconsistent with the primary legislation". So, in fact, I think here we have the right legislation, it's just that there was a power under the Act that was not being used by Department ... by Minister for Justice. It's really not a question for us to enter technically but I do think that on substance, it's addressed and the reason why I'm saying that I believe that on substance it's addressed, it's because of FATF, the Financial Action Task Force in 2013, concluded that we were technically compliant with its standards, so I think they know better.