Ivana Bacik (Independent)

I am not speaking against the amendments but we had some debate on this matter on Committee Stage. It is very much related to amendments I have tabled, namely, amendments Nos. 7 and 9. We are all in agreement about the aim of the Bill and want to ensure the correct people are covered by it. On Committee Stage I raised with the Minister the issue of whether the Bill captures the sufficient numbers. Amendments Nos. 6 and 8 are designed to capture a larger group. Do they capture the issue of external accountants? How do they relate to the definition of "designated person" in section 25?

Chartered Accountants Ireland has raised with the Minister and the Department the fact that accountancy bodies do not have regulatory functions or practising certificate regimes and therefore may not be in a position to monitor their members for anti-money laundering purposes. It is also concerned that there are people who hold themselves out as "accountants" but who are not members of any accountancy bodies. Given that the term "accountant" is not protected by Irish law, Chartered Accountants Ireland is concerned that such people may not, therefore, be caught under this provision although it seems they will be captured within the definition of "designated persons" under sections 24 and 25 of the Bill.

In such circumstances, the competent authority in respect of external accountants or people holding themselves out as accountants but who are not members of an accountancy body would have to be the Minister. I tried to capture some of my concerns and those of Chartered Accountants Ireland in this regard with amendments Nos. 7 and 9, which would include the term "insolvency practitioner". I have used the term to mean a person acting as liquidator, provisional liquidator, receiver or examiner to a person or as trustee in bankruptcy proceedings whether the person holds accountancy qualifications, is a member of a designated accountancy body or is a relevant independent legal professional.

My amendments would capture more accurately the group of persons who will not be governed by the regulatory regime of a designated accountancy body. I do not oppose amendments Nos. 6 and 8 but I am not sure that they are comprehensive enough. I ask the Minister to clarify that point. When we debate amendments Nos. 7 and 9 I will ask the Minster whether he will be willing to accept them. He indicated on Committee Stage that he would examine the issue of insolvency practitioners in particular.