Dermot Ahern (Louth, Fianna Fail)

Legislation to give effect in Irish law to the third EU money laundering directive and the related implementing directive is being drafted and is at an advanced stage. This legislation also takes into account relevant recommendations arising from the Financial Action Task Force, FATF, third mutual evaluation report 2006 on Ireland's measures to combat money laundering and the financing of terrorism. I expect to be in a position to publish the legislation, following Government approval, in the first half of this year and my intention is that it will be considered by both Houses of the Oireachtas as soon as possible after that date.

As the Deputy no doubt will be aware this legislation is relevant to, and affects, a wide variety of stakeholders and sectors, including not just the financial sector, but also the legal profession, accountants and a variety of other groups. For this reason, following Government approval last year to the drafting of this legislation, the proposals were published on my Department's website and my Department, in conjunction with the Department of Finance, conducted an extensive consultation process with interested groups. This proved successful in identifying and clarifying a number of complex issues and was, I believe, an important part of developing the legislation in this case.

Ireland already has effective anti-money laundering and anti-terrorist financing legislation in place. However, I look forward to building further on and strengthening this foundation through the provisions which will be contained in this legislation.

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