Pat Buckley (Cork East, Sinn Fein) | Oireachtas source

I welcome this opportunity to speak on this Criminal Justice (Money Laundering and Terrorism Financing) (Amendment) Bill 2020. At the outset I will speak in plain English. There has been much debate on this tonight. I want to speak to the people outside of this House and explain to them exactly what this Bill is about. We welcome it. This Bill is about safeguarding the financial transactions to and from high-risk third countries and sets new limits for the use of anonymous prepaid cards, which obviously is an no-brainer. We are aware that there are many prepaid cards and there is no control over them.

Money laundering was mentioned. Anything that sorts, quells and crushes it has to be welcomed. Bringing new and existing bodies under the existing legislation will enhance due diligence and improve the banking system. I want to emphasise the responsibilities of our banks and financial institutions in protecting all of our money as they also have a duty of care. I welcome the stringent measures and the tightening of the security in that.

I welcome the provision on the issuing of ministerial guidance regarding prominent public functions in respect of politically exposed persons. Many people are exposed and are in the public domain and there is a threat there. We are talking here about the ring-fencing of security for people.

Another matter mentioned, which was also mentioned on the “Morning Ireland” programme on Monday and which is one of the main points I wish to raise on this legislation, is money mules, because some people, more so parents, may not be aware of this. From the information that we have received, more than €1.6 million has been scammed out of Irish accounts alone. It is not that we have mules who are operating for illegal organisations but our own citizens are being scammed out of money. I want to flag up with the banks again that they have an onus and a duty to keep an eye on these matters. I also want to flag up for parents to keep an eye on their own children’s accounts because the implications of this could be life changing. Unfortunately, when young people think that there is a quick buck to be made, it sounds and actually is too good to be true. It is true to say that that money is being laundered and these young people must remember that this is for criminal activity. It involves sex trafficking, prostitution, drug money and all other sorts of illegal activity. If parents allow their children to be involved in that, they are going to be in deep trouble.

I welcome the Bill and I look forward to it moving on to the next Stage when it will come back for discussion. I commend the Government on bringing it forward.

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