Charles Flanagan (Laois, Fine Gael) | Oireachtas source

I thank all the Deputies who contributed for their remarks and the support they have offered for the Bill. As stated earlier, this is important legislation that will enable Ireland to meet its international obligations. It is also part of our domestic commitment to tackle white-collar crime, a goal shared by all Members of the House. We will have an opportunity to deal in more detail with some of the issues raised on Committee Stage.

Deputy O'Callaghan referred to the late transposition of the directive, which was also raised as an issue by Deputy Quinlivan. This is a somewhat complex Bill, the subject matter of which spans the remits of a number of Departments. There was a need to engage in a significant degree of consultation and collaboration across Departments and that complexity also led to a lengthy drafting process. However, I assure Members that we take our obligations as a member state of the European Union very seriously.

This means spending some time ensuring that the legislation being transposed is not only effective but also enforceable. We have been in touch with the European Commission and have advised it of the publication of the Bill. We hope it can be enacted as quickly as possible. I acknowledge the positive disposition of the Members of the House in this regard.

I welcome, in particular, Deputy O'Callaghan's comments on sections 15 and 26. I am happy to give this matter further consideration and we can return to it on Committee Stage.

A number of issues were raised by Deputy Quinlivan, who is no longer present. He mentioned media reports concerning the special purpose vehicle and shadow banking. We will have an opportunity to discuss that at a later stage, but the legislation for beneficial ownership registers being developed by the Department of Finance will apply to all special purpose vehicles, that is, a body corporate. While the lists will initially be viewable by An Garda Síochána and other appropriate authorities, the fifth money laundering directive provides for wider access to parts of the beneficial ownership information. We will be in full compliance with both the fourth and the fifth money laundering directives.

Deputy Mattie McGrath spoke about priorities. He made a reasonable point about new technologies. I accept his comment that criminals will always try to exploit new technologies as they arise. There have been reports of virtual currencies being used for money laundering. In this regard, the fifth EU money laundering directive, which will shortly be adopted, will mean that the law is to be extended to providers of virtual currency exchange services and custodial wallet providers. I will be bringing forward legislation to transpose that new directive. As Deputy Mattie McGrath is a member of the Business Committee, I am sure he will ensure our legislation can have priority as soon as it is ready.

This is a detailed and technical legislative measure. That reflects the complexity of the measures which we are recommended internationally to take in response to the ever more sophisticated nature of the criminality involved. This Bill is the result of a long process of consultation and drafting involving a number of Departments. I wish to give notice of some amendments I intend to bring forward on Committee Stage. A small further change is required for compliance with the fourth money laundering directive, which is to require cheque cashing offices to register with the Central Bank. I am giving consideration to another amendment in respect of politically exposed persons which is to allow guidance to be issued on the meaning of this term in the Irish context.

I appreciate the contributions from the Deputies and I look forward to continuing the debate on the Bill in the coming weeks.

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