Richard O'Donoghue (Limerick County, Independent) | Oireachtas source

I welcome any system or Bill that makes the security of our country more robust and makes us compliant. The onset of cryptocurrency brings money laundering to a new level. Ireland must not be a tax haven for criminals and terrorists. If we do not get this type of updated legislation through the Dáil, Ireland's financial system will be used for money laundering and terrorist financing.

We need to be mindful of certain circumstances. For example, funds were illegally taken from a customer's account in a prominent Irish bank by way of a scam. Had it not been for the media pressure on the banking institution, there would have been no reimbursement. In that case, was the bank liable? We can see that the criminals in this world are so far advanced that they always seem to be one or two steps ahead in respect of how to launder money.

I learned a new term today. Criminals are now targeting 16, 17 and 18-year-olds and paying them a certain amount to lodge money in their accounts, up to a limit of €5,000 if it is a bank or €3,000 if it is a credit union, and to take it out in the form of a cheque a week later. The people targeted are called "mules". I learned this only today.

Criminals are determining every way to buy various properties with cash. They are washing their money in this system. In the past two to three years, CAB has intervened and caught many companies involved. The bureau seizes assets, be they associated with car trading or otherwise, but the criminals go to another county and open up again. We have to get this legislation right, not only to protect this State now but also to protect the next generation. We must not allow what is happening. We need to send a clear message that we are going to get this legislation right and that everything in it will stop all the criminal activity, which is terrorism. I support any measure in the Bill in this regard. I support it 100%.

See this speech in context