Dermot Ahern (Louth, Fianna Fail)

Amendments Nos. 6 and 8 will insert definitions of "member" of a designated accountancy body in the definition section of the Bill, and in section 24 for the Irish Taxation Institute. Amendment No. 8 amends the current definition of "relevant professional advisor" which is currently contained in the section. It was considered important that the definition for members of these groups be included as the current references to members could have the effect of including persons who are not the subject of a regulatory routine, such as students. The membership of such bodies is a criterion which is used in a number of important sections in the Bill.

On the definition of "member of a designated accountancy body", Senators will be aware the Bill already contains a definition of such bodies by reference to the Companies (Auditing and Accounting) Act 2003. It also contains a definition of a "member of a designated accountancy body" which is, therefore, the applicable reference. The definition of a "member of the Irish Taxation Institute" takes a similar approach in intent. The definition of "relevant professional advisor" has been amended as a consequence of these as it is no longer necessary to refer to the conditions stated in this definition as they will now be covered by the individual definitions.

The amendments also have the effect of ensuring that these groups of professions are treated in the same way as other groups, for instance solicitors who, if practising, are subject to a disciplinary regime. It is also important that such definitions are included in the context of the significance of these terms in various sections of the Bill. For example, section 14 deals with reliance on a relevant third party to carry out customer due diligence and also applies quite rigorous tests for professions in other member states.

Other relevant sections include section 46, which in circumstances stated provides for an exemption of the disclosure of certain information in the context of suspicious transaction reports. Sections 51, 52 and 53 provide exemptions from the offence of tipping off for such groups of professionals in stated circumstances. For these exemptions to be provided it is important that a disciplinary and ethical regime is in place for the relevant persons in such professions.

Again, I commend the amendments to the House.