Mattie McGrath (Tipperary, Independent) | Oireachtas source

The implementation of the new restrictive measures has shown the complexity of identifying assets owned by those subject to sanctions who hide their assets across different jurisdictions through complex means and financial structures. Those who wish to conceal assets are helped by existing legal loopholes as the criminal law provisions relating to the breach of EU sanctions vary between member states. This is the problem.

We are now a full 12 months into the war and I understand eight different sets of sanctions have been introduced. The intent may be good, but the sanctions are not effective. As I have said, we are all over the place. This directive is meant to ensure effective, dissuasive and proportionate penalty types and levels for criminal offences relating to the violation of EU restrictive measures. Are they having any impact? Are they having the desired effect with regard to oligarchs and people who have ingenious ways of transferring funds and moving them elsewhere?

The directive also proposes to foster cross-border investigation and prosecution. Surely to God that already exists as things stand. We are a year into these economic sanctions and the war. We are coming to the table very late. It is like closing the stable door when the horse is in the Curragh, which is in the Ceann Comhairle's constituency. There is an old adage about closing the door after the horse has bolted. We need to be more effective and engaging, pony up with people and tell them we have proper mechanisms or else it makes a folly of the sanctions.

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