Martin Conway (Fine Gael) | Oireachtas source

I raise the issue of prize bonds and money laundering regulations on foot of correspondence I have received from the Irish Postmasters' Union. I understand that copies of the same correspondence were sent to all Members of the Oireachtas. Like many thousands of Irish citizens, I own prize bonds. I have never won any money on my prize bonds but I keep them none the less. It is an interesting and worthwhile scheme that has been running since the 1970s or 1980s.

The issue that now arises for prize bonds is that people purchasing bonds to the value of more than €25 have to go through a myriad of new regulations on money laundering. I acknowledge that money laundering is a serious problem in this country, but it also affects many other areas. One such area is the betting industry, but I do not see a great effort being made to deal with the vast sums of money laundered on a yearly basis in that industry. I look forward to finding out whether the new betting legislation will include measures dealing with money laundering.

It is ridiculous that if somebody wants to purchase €30 worth of prize bonds as a gift, he or she will have to deal with the money laundering regulations. The Irish Postmasters Union recognises the problem that has arisen and it has proposed that individuals be allowed to purchase up to €100 worth of bonds without having to go through the rigours of the new regulations. It makes a fair argument in this regard because the decision to set the bar at €25 was clearly wrong. I look forward to hearing a positive response from the Minister of State at the Department of Finance, Deputy Brian Hayes.