Pa Daly (Kerry, Sinn Fein) | Oireachtas source

Déanaim comhghairdeas leis an Aire Stáit nua. I congratulate the Minister of State on his first appearance in this House. As an aside, I have spoken to him about the importance of improving Tralee Courthouse and I look forward to a longer conversation regarding keeping it in mind and in the town centre. I wish him the best of luck with that.

As has been said, there are already robust and extensive anti-money laundering laws in place in Ireland and, having worked as a solicitor for a few years, I am well aware of the extensive money laundering compliance and due diligence that solicitors are obliged to undertake on an annual basis. As the Minister of State said, money laundering and financing of terrorism are global issues and a coherent global approach is needed. I submitted a parliamentary question which was answered at the beginning of the month in which I asked when this legislation would be brought forward. At the end of the response to that question, it stated: "It is also proposed to future proof our approach, by introducing amendments, to the published Bill, that will address our obligations as a member of the Financial Actions Task Force (FATF)". Will the Minister of State confirm that has been included?

In relation to the dark money networks, we have seen over the past couple of days the role banks and other financial institutions have played in laundering money. There is a race between tax authorities and some owners of private capital, who will seek any place to put their money to escape tax. This Bill is welcome, insofar as it recognises this by putting obligations on various new designated persons to carry out anti-money laundering administration. Allowing assets and cash to be hidden from tax authorities deepens inequality and weakens states. There is a danger that cryptocurrencies could become a new frontier in this battle. I commend the Bill's regulation of certain other relevant professions through sections 17 and 21. Only a tiny minority of people in these professions engage in untoward behaviour but it is important there is legal recourse, as I see is provided for in the Bill.

The Bill increases some of the administrative obligations on credit unions but a new Act for the credit union sector is needed and better impact assessments should be carried out. Credit unions are important institutions which we should not lose. Around the country and in County Kerry, they are being forced to close or merge and the burden of regulation is one of the things that is causing this developments. In many parts of County Kerry, some credit unions are so small they cannot afford to hire extra staff to cover all the necessary regulatory requirements. If they merge, that helps to scale up their operations but it may deprive communities of a vital service. Will the Minister of State consider a proper credit union Bill? They are subject to different rules to the banks and they should be given a break at the moment.

In relation to online fraud, the Bill is welcome. There is serious evidence that online fraud is rising during the pandemic, having already been on an upward trend. In the first three months of 2020, there was an increase of 15% in fraud compared to the same period in 2019. In Kerry, fraud increased from 2018 to 2019 by 75%, according to Garda statistics. Many categories of crime decreased in Kerry, I am glad to note, but fraud increased. Cryptocurrencies are part of the growth in online fraud and An Garda Síochána must be properly resourced as recommended by the Commission on the Future of Policing in Ireland. That report states the capacity and expertise of the Garda National Cyber Crime Bureau should be substantially expanded as a matter of urgency and personnel appointments in that field should be fast-tracked by the Department. Legislation alone is never enough and the Government needs to make good on its promise in the programme for Government to rapidly implement these recommendations.

Overall, Sinn Féin supports this Bill, which we have called for.

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