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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Can I just go back to the beginning on this? I have is no difficulty with the initiatives being taken around anti-money laundering. That is not what I am questioning. I want to understand where all of this stuff comes from. Who established the Financial Action Task Force?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: G7, was it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Ireland bought into that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: What sort of timeframe was that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Was it 1991?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: It was the mid-1990s. Some 200 countries are committed to adopting whatever comes out of that task force.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: While the task force is an intergovernmental body made up of 39 members, what qualifies you to be a member? Who is a member? Is the Minister a member? Is it the Minister's nominee a member?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: It is the Department of Finance, the Department of Justice-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: What is that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: They are all officials. There is no political membership.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: That is just a once-off.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: The task force meets and it is made up of the officials Ms McVeigh has just called out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Okay. Some attend.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: They discuss the issues of the day and the solutions to problems as it were-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: -----and they make recommendations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Once it makes the recommendations, it is making them to the 39 member states but also to 200 other countries. Anyone else who wants the standard picks that standard.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: How is it then decided on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)

John McGuinness: Is a set of recommendations agreed by the task force?

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