Seanad debates

Thursday, 11 March 2010

Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009: Committee Stage.

 

12:00 pm

Photo of Dermot AhernDermot Ahern (Louth, Fianna Fail)

The purpose of this amendment is not to exclude the Revenue Commissioners from receiving suspicious transaction reports. The representative bodies are suggesting, as Senator Bacik said, that reporting should be done to one agency only. Both the Garda and the Revenue Commissioners, in the context of this legislation, feel it is important that there be an obligation to report to both of them. The suggestion that reports might fall between two stools is not realistic because of the fairly good connection between the Revenue Commissioners and the Garda in such areas. They already work on a multi-agency basis in this regard. Senator Bacik's original point was about the necessity of having a multi-agency approach. I can understand that representations would be made by a representative body in this respect because, obviously, they would wish to minimise bureaucracy. However, we as legislators have an obligation to ensure the legislation is comprehensive.

Under existing provisions of the Criminal Justice Act 1994 with regard to the reporting of suspicious transactions, designated persons are obliged to report both to the Garda and to the Revenue Commissioners. Section 42 does not in fact change this obligation. The system has worked particularly well. The reporting requirements to the Revenue Commissioners have proved a significant tool in combating tax evasion. I understand that about €40 million in additional taxes has been recovered in cases in which the information in a suspicious transaction report has been significant in bringing a case to the attention of the authorities or to a conclusion. Such reports have also assisted in a number of criminal prosecutions.

Senator Bacik raised a matter regarding section 59 of the Criminal Justice (Theft and Fraud Offences) Act 2001. The number of reports received by the Garda is very low, at approximately 100 annually, compared to a figure of approximately 14,500 annually on suspicious transactions. There is a distinct reportage requirement under this legislation.

Comments

No comments

Log in or join to post a public comment.