Dermot Ahern (Louth, Fianna Fail)

The Garda has been constantly investigating the issue of money laundering and I am told that approximately 14,000 suspicious transactions were looked at last year. Some people have raised the issue of the politically exposed person. It does not apply to anyone residing in Ireland, but in any event the directive mandates us to implement this. The concept comes from the directive and will apply if there is some public knowledge of a person's status as regards being involved in money laundering.

Deputies Crawford and Durkan mentioned the issue of fines and sentencing. The point in relation to the provision dealing with the fact that money might be the proceeds of criminal activity is that it increases the likelihood of conviction for the offence because a person cannot say he or she was not sure the money was the proceeds of crime. A crime should be committed if the money was probably the result of the proceeds. I believe this to be a highly important provision.

Deputy Higgins gave a number of examples of political figures who made large bank deposits. I refer to the Bill's provisions regarding politically exposed persons who reside abroad. Under the Bill, the type of individuals mentioned by the Deputy would have enhanced customer diligence applied to them. The onus would be on the institution to make substantial due diligence when dealing with a transaction coming from such people. The beneficial owner of the money would have to be identified and, if necessary, a report made to the Garda, were there a suspicion that it was the proceeds of crime.

This is a detailed Bill, which I greatly welcome. I am glad to have the opportunity to bring it before the House. I hope it can pass through Committee Stage and through the House as quickly as possible. I appreciate the general remarks made by Members on the other side of the House.

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