David Stanton (Cork East, Fine Gael) | Oireachtas source

The purpose of these amendments is to remove a requirement to report to An Garda Síochána and the Revenue Commissioners all transactions relating to what is known as a high-risk third country. Such a country is not considered to have adequate controls for money laundering purposes. This requirement is considered to be unnecessarily broad when complying with the new European Commission designation of states as high-risk. It would also be unduly burdensome for An Garda Síochána and the divisions involved.

There is already a general requirement to report any transaction that is suspicious. Almost 25,000 reports were received by An Garda Síochána under this requirement last year. The Bill also contains an obligation to employ enhanced due diligence in respect of customers from high-risk third countries.