Ivana Bacik (Independent)

I move amendment No. 1:

In page 11, between lines 10 and 11, to insert the following subsection:

"(4) The Minister shall within three months after the commencement of this Act publish a five-year anti-money laundering and counter-terrorist financing strategy illustrating how the objects of the Act are to be pursued, such a strategy to be evaluated and revised at the end of the five year period.".

The amendment arises from my contribution on Second Stage. I was struck by the British model for implementing the third directive through the Money Laundering Regulations 2007. The British Government also published an anti-money laundering and counter-terrorist financing strategy document setting out the challenges to be met in fulfilling the obligations of the directive in the next five years. This is an interesting idea and one from which we could usefully borrow. I accept it is not necessary to place on statute such a requirement and it may be more flexible not to do so. I tabled the amendment because I raised the matter on Second Stage and I am interested in the Minister's view on it.