Results 4,961-4,980 of 10,120 for speaker:Jim O'Callaghan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: I think I am correct in saying that the fifth directive really just amends parts of the fourth directive and that the fourth directive sets out the substance of what is required. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Looking at our primary law, it is in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 that the fourth directive has been transposed into Irish law. That is where most of the legislation is contained.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: In the Irish legislation, we define "politically exposed person" by saying three categories of person are covered: a specified official, a member of the administrative management or supervisory body of a State-owned enterprise and any individual performing prescribed functions. Is that correct? Then we go on to define what a specified official is.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Are senior civil servants regarded as politically exposed persons?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: If you look at the definition that is relevant to that question, the only way they would come under the legislation is if they fitted within the definition of "a member of the administrative management or supervisory body of a State-owned enterprise". As an example, not for any specific reasons, look at something like An Bord Pleanála, would the people in charge or who are members of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: I can understand Mr. Bruen's reticence because, just looking at it, it is difficult to determine who is covered by it. We know that a Member of Parliament is covered by it because it expressly states so, but when it says a "member of the administrative management or supervisory body of a State-owned enterprise", I do not know how that law is being implemented. Is anyone issuing guidelines...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Who will issue that guidance?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Ultimately, it is for a financial institution to get its own legal advice to assess whether or not its customers come within the definition of a PEP.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Under the directive, a spouse or somebody who in effect is your spouse is covered; a child is covered and the spouse of a child is covered. Has all of that been transposed into Irish law? There is an ability, I think, under the legislation for the Minister to define "immediate family member". Has that been defined?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: So a statutory instrument could be introduced by the Minister, giving effect to that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: If you look at subsection (11) of the section that contains the definition of PEPs, it says "the Minister may prescribe a class of family member of a politically-exposed person, for the purposes of paragraph (g) of the definition of “immediate family member” ... only if the Minister is satisfied that it would be appropriate for the provisions of this sections to be applied..."...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: I am not criticising the Minister for Justice, I am just saying that since 2018, no such statutory instrument has been signed by the Minister.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Looking at the research document produced by the Oireachtas Library and Research Service, I have not had any personal difficulties in terms of being a PEP, but one of the issues raised by some individuals is that their children who are involved in banking arrangements or looking for loans have been questioned as to whether or not they are the child of a PEP. I would have thought, from the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: We do not engage as much with members of the senior Civil Service as the Department would, but we hear stories from politicians. Is it the case that the children of senior civil servants are subjected to the same rules?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: It is interesting that it obviously operates across the board, it is not just somebody persecuting politicians. On the obligations of the financial institution in respect of a PEP, they are set out in Article 20-24, I think, of the fourth directive, which may be amended. In effect, they have to have procedures in place so they can identify a PEP, is that correct? Then, they have to have...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: What happens if a financial institution sees a highly unusual lodgement of money into the account of a PEP?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Are we any aware of any such reports?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: Put it this way, is Mr. Bruen aware of any prosecutions under it or that have arisen from it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: In respect of a complaint made by a financial institution about a PEP.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Politically Exposed Persons: Discussion (5 Oct 2022)
Jim O'Callaghan: If something unusual is in the account of a person who is a PEP, procedures are in place to report that to FIU and to An Garda Síochána and for that to be investigated.