Cathal Berry (Kildare South, Independent) | Oireachtas source

I am glad to have the opportunity to make some brief comments on whether we should opt in to this EU directive and whether we should transpose it into Irish legislation. Like the previous speaker, the members of the Regional Group have no major issue with it. We are happy to support its passage for three reasons. It does at least attempt to protect further the integrity of the euro and other currencies. As a fiat currency, public confidence in these currencies is really important. When that is undermined, the entire financial system is undermined. More importantly, if somebody successfully counterfeits currencies the people who will lose out most are customers and small retailers. This House should do everything in its power to prevent that from happening.

The second reason is the question of profits made from counterfeit currencies and what those profits might be used for. Every attempt to tackle transnational crime and terrorist organisations across Europe and the world should be focused on this. We should be intervening prior to an incident happening and disrupting the financial flow of cash and the means to carry out such activities.

The third reason is that better co-ordination between EU countries is the right way to go as well. I agree with the new reporting mechanism. It is not just about prosecutions or criminalising the production and distribution, but there is also focus on attempts to do so - aiding and abetting - for example.

I welcome this proposal. I recognise the time sensitive nature of it with the deadline of 17 January, and on that basis, I am very happy to support its passage through the House.

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