Dermot Ahern (Louth, Fianna Fail)

On Committee Stage in the Dáil an amendment was made to the definition of a financial institution in section 24 to include the category of an investment business firm, within the meaning of the Investment Intermediaries Act 1995, to bring within the scope of the Bill certain insurance intermediaries not otherwise covered. However, this had the unintended effect of bringing non-life insurance intermediaries within the scope of the Bill. Non-life insurance intermediaries are not covered by the third EU money laundering directive because the products they sell do not constitute a material money laundering risk. There is no requirement to include this group in the Bill and, therefore, the amendment excludes them. The second amendment relates to section 24(1)(g), that is, the definition of financial institution in respect of An Post. The amendment is tabled for the same reasons. The matter was discussed at length in the Seanad.

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