Seanad debates

Thursday, 11 October 2018

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018: Committee and Remaining Stages

 

10:30 am

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

I am not fully sure what Senator Ó Donnghaile is getting at. There is a general requirement to report any transaction that is suspicious in any event. Almost 25,000 reports were received by An Garda Síochána last year under this requirement. The Bill has an obligation to apply enhanced due diligence in respect of consumers from high-risk countries. Adequate safeguards are already in place. The current measures are considered unduly burdensome for An Garda Síochána and the businesses involved. Basically, it is unworkable at the end of the day. We believe there is enough in the legislation as it is to keep the safeguards in place.

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