Dermot Ahern (Louth, Fianna Fail)

On Committee Stage in the Dáil an amendment was made to the definition of "financial institutions" in section 24 to include the category of investment business firm within the meaning of the Investment Intermediaries Act 1995 so as to bring within the scope of the Bill certain insurance intermediaries who are not otherwise covered. However, this has had the unintended effect of bringing non-life insurance intermediaries within the scope of the Bill due to the fact that the Insurance Act 2000, as amended, had the effect of bringing non-life insurance intermediaries within the definition of "insurance business firm". Non-life insurance intermediaries deal with house insurance, motor insurance and other types of non-life insurance. They are not covered by the third European Union money laundering directive as the products they sell do not constitute a material money-laundering risk. Therefore, there is no requirement to cover them in the Bill. The amendment would, therefore, exclude this type of group.

Amendment No. 5 relates to subsection(g) of the definition of a "financial institution" in respect of An Post for the same reasons.

Amendment agreed to.

Government amendment No. 5:

In page 22, line 10, after "1995" to insert the following:

"(other than a non-life insurance intermediary within the meaning of that Act)".

Amendment agreed to.