Seanad debates

Tuesday, 28 May 2013

Criminal Justice Bill 2013: Second Stage

 

5:45 pm

Photo of Maurice CumminsMaurice Cummins (Fine Gael) | Oireachtas source

I welcome the Bill. Money-laundering and terrorist financing are very serious issues, not just in this country but throughout Europe and the world. Any legislation which we introduce to enhance the techniques of the Garda and other agencies in their fight against money-laundering and terrorism is to be welcomed. The Bill seeks to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Deficiencies were highlighted in its operation over the past two years, which is why we have to enhance our compliance with FATF standards following the evaluation of the 2010 Act. It consolidated existing legislation on money-laundering and terrorist financing and brought Irish legislation into line with international standards. It transposed the third money laundering Directive 2005/60/EC.

The Bill is important. People have said it is being introduced because of the G8 summit. There are terrorists throughout the length and breadth of the country. Everything should be done to put them in their place. The Garda and security forces should be ahead of the posse. The Bill is about providing better operational tools and a wide range of techniques and powers for financial intelligence units and law enforcement agencies to investigate and prosecute money-laundering and terrorist financing.

In his initial remarks on the Bill the Minister of State outlined the necessity for it. Money-laundering remains a significant risk to the financial sector. There is growing international monitoring of compliance with AML measures, as evidenced in the UK with the HSBC case and in the US. The Central Bank has made it clear that it regards financial crime and money-laundering as key supervisory concerns. We would all agree with that.

The Central Bank has been active in monitoring compliance with the 2010 Act through its themed reviews and inspection programmes. As indicated, it will continue to carry out such inspections. It has been noted that as part of the ongoing inspection programme the Central Bank is likely to continue to focus on firms with weaknesses in their internal controls, possibly taking the view that such weaknesses can increase the risk of the firm being used to handle the proceeds of crime.

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