Joanna Tuffy (Dublin Mid West, Labour)

I welcome the Bill because it is part of the effort to tackle crime, particularly organised crime and money laundering. Reading the background to the Bill reminds one of the sinister world that overlaps with legitimate business because those who carry out crime want to legitimise the money they make through crime and improve their status in society. It is important that the legislation is put in place given that crime has become increasingly sophisticated and makes large quantities of money. At the same time significant suffering is caused.

One often hears the business community complain about there being too much regulation. On the other hand, in the light of recent problems, it is said that the reverse is the case. This type of legislation is necessary. We need to put regulations in place on how professionals deal with people and to ensure that they are cautious and do what they are supposed to do.

The legislation is complex. I sympathise with those who must implement it. I worked briefly as a solicitor and I found all the rules and regulations in terms of accounts hard going. I have sympathy for the concerns on the Bill raised with the Minister and his staff by the professional bodies. I hope that dialogue will continue as the Bill progresses through the Seanad in case there are issues that could be addressed.

While professionals must be conscious of all the regulations, at the same time business needs to be facilitated. People do not wish to lose business because they are implementing regulations, but at the same time the regulations have to be implemented. Two issues in particular were raised with me. There is a great deal of new legislation. Two Acts in particular require reports to be written, but the issues, which relate to money laundering, are similar. Perhaps there is a need to consolidate the legislation. The Minister might comment on that aspect. When the Bill is passed, but before it becomes active, time should be given to the professional bodies to train members in the application of the new legislation.

I tabled amendments on behalf of the Labour Party, which we withdrew. I do not believe in calling for votes on all sorts of things. One should keep working on a particular point. As someone who has been a Member of both Houses, I am aware that many issues that are not agreed in the Dáil are agreed by the Government in the Seanad. I hope the Labour Party can work with the Government to improve legislation such as this. I am sure my colleagues in the Seanad will table further amendments on Committee Stage. I hope the Minister will take on board the points raised.

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