Oireachtas Joint and Select Committees

Wednesday, 5 October 2022

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

Politically Exposed Persons: Discussion

Photo of Mairéad FarrellMairéad Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

It is interesting to hear about this. I used to work in banking and we had to do a course in PEP and anti-money laundering every year, so we could continue working in the bank. It is very important. I know some people have other opinions, but I am one of those people who is in favour of keeping a keen eye on politically exposed persons. It is very important.

I have three questions about how things are dealt with in different ways. Obviously, Bitcoin and other cryptocurrencies provide a kind of anonymised way of making payments. They inhabit a weird space where they are not money, in the sense of being issued by a central authority, but they can be used for making certain transactions and sometime that can also be for illicit purposes. They can also be exchanged into other financial assets. How do we deal with the risk of money laundering when it comes to the likes of cryptocurrencies, specifically regarding PEPs?