Martin Kenny (Sligo-Leitrim, Sinn Fein) | Oireachtas source

I welcome the Minister of State to his new post and wish him all the very best for the time ahead. This legislation is clearly necessary. We have had considerable direct investment into Ireland, the vast majority of which has been very successful. IDA Ireland has done an excellent job. International corporations have employed many people in many regions of the country and have not just generated income for people but also new skills that would not otherwise have been created. We have to recognise and understand. However, this legislation looks beyond that to the dangers that exist and we have to acknowledge that as well.

We recognise that our own homegrown criminal fraternity has spread its tentacles across the globe. Many of the criminal organisations that engage in drug and human trafficking and make substantial amounts of money use that money to invest in what would normally be considered to be legitimate enough business enterprises. They can do that in other countries and expand in their home regions where they may have started off and where, unfortunately, much of the misery they created can be seen. We understand that. It is important, therefore, that we have a mechanism in place to screen against that particular type of activity and against the rogue regimes in some parts of the world that engage in similar types of activities.

As my colleague, Deputy O'Reilly, pointed out, Ireland and most other European countries have free and open market economies and we invite investment in. We talk about Europe and the free movement of trade and people but the free movement of capital, more than anything else, is what has made Europe what it is. The free movement of capital is associated with great danger because it operates in an uncontrolled manner. In essence, the legislation seeks to do something about that and to understand that we must be very careful about where these investments come from, what end role they may have and how they can, at times, have a very negative effect on a country. One of the big issues, certainly for those of us on the left of politics, that causes us deep concern are the dangers associated with the privatisation of so many of the vital services provided to our people, for example, in health and transport.

The way in which the Russian invasion of Ukraine has unfolded has brought home to many of us not just the problems that arise from the point of view of international politics but also from the point of view of the bread-and-butter issues that ordinary people have to deal with. We see the price of everything going through the roof as a result. Much of that is because we do not have our own capital in place to provide services and energy here in Ireland or, at least, close to Ireland and over which we have control. They are controlled in these global spheres which are very dangerous. We have to understand that.

Criminal fraternities may also be involved in much of this type of activity. Ireland is unique because we developed the Criminal Assets Bureau, CAB. We were one of the first countries to develop such a body. The CAB has been copied in many countries around the world and is seen as an example of how to find and dispose of criminal assets. I have some concerns in this regard as I believe the capacity of the Criminal Assets Bureau is being withdrawn or closed down somewhat but I will raise that with the Minister for Justice when I get the chance.

We need to recognise that the problems we have around the globe exist mainly because globalisation has occurred. While globalisation has some positives, it has many negatives. There are many negatives from the point of view of the countries which produce much of the wealth. We are all very glad to get cheap commodities in the western world but we have to recognise that they come at a cost to unfortunate people in other parts of the world who are often exploited. Deputy O'Reilly spoke of trade missions to countries with poor records on human rights, but also on workers' rights, including the hours people work and the salaries they receive for the very hard work they put in. An ethics model is needed in all of this. It should not just be about the danger posed to Ireland but the danger that arises when these types of corporations exert their influence everywhere. That has a real human effect and cost.

That said, I hope the Bill will have a speedy passage through the Houses and will do its job and, I hope, more in order that we can make the world safer.

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