Robbie Gallagher (Fianna Fail) | Oireachtas source

I welcome the Minister of State to the House to discuss this important legislation. I listened attentively to his contribution. I welcome that increased financial and personnel resources will be made available to beef up the Garda Síochána's specialised unit and address an ongoing problem.

We in Fianna Fáil are delighted to support this legislation, which further strengthens our protections against money laundering. The warnings issued recently by the Garda on the use of so-called money mules were another reminder, if one were needed, that the issue of money laundering is, unfortunately, alive and well in this and many other countries. It shows that we must always be alive to the need to address the ever-changing picture of money laundering.

As the Minister of State outlined, the Bill is significant legislation for tracking money laundering. Money laundering is a crime that helps serious criminals and terrorists to function. By extension, it destroys many lives in the process. Criminals are always alert to opportunities to exploit the EU's borders. As such, EU-wide measures are vital if we are to tackle the issue. The inclusion of provisions relating to virtual currencies is particularly welcome. It recognises the realities of modern banking and the likely modes of money laundering.

I understand that many amendments will be discussed. I would welcome the Minister of State's comments on changes insofar as trusts are concerned and the implications of same in respect of trusts that have been dealt with already.Is the legislation retrospective or will it only apply from now?

I also note with disappointment that we, the taxpayers of the country, must pick up the tab for a €2 million fine for the delays in putting the directive on the Statute Book. Will the Minister of State comment on the reason for the delay? How long will be devoted to addressing this legislation? I fully support the idea of it passing Second Stage this afternoon. Realistically, when can we expect the legislation to have been dealt with in its entirety?

I again thank the Minister of State for his contribution. I look forward to his responses in respect of the issues that I and my colleagues are raising.