James Browne (Wexford, Fianna Fail) | Oireachtas source

I thank the Senators for their constructive and significant contributions, which are welcome.

To clarify, the €2 million fine refers to the previous transposition under the fourth directive. So far, we have not been fined under that arrangement or the associated legislation but, nonetheless, we are at risk. In that regard, I appreciate the Senators' facilitation of our trying to pass the Bill as quickly as possible.

On the issues concerning politically exposed persons and implementation, implementation is not a matter under the legislation itself; it will be down to interpretation. As set out in this Bill, the arrangement is as required under the directive but I certainly hear the Senators' concerns. I remember getting a phone call from my bank manager a few months ago on my own position. When filling in a form, I stated I was the chair of the board of management of a primary school. I got another phone call about two days later in which the caller wanted to know the sources of finance of the primary school. I started to explain colour runs, cake sales and corporate coin collections. The serious concern is that the obligations cause a chilling effect on people entering politics or voluntary roles. There can be overly officious interpretations of some of this legislation. Given the importance, it needs to be guarded against. We need to seek clarification. I look forward to further consideration of this issue on Committee Stage.

Trusts will primarily be a matter for the Minister for Finance. The provisions are flexible and allow for appropriate designation to be made by the Minister for Finance once passed. Again, we can get into further detail on that on Committee Stage because there can be an impact.

The Labour Party, through Deputy Howlin, has produced Magintsky legislation. It is a very worthy proposal and it is being considered very carefully and seriously by the Department of Justice. It has been submitted to the Attorney General for his consideration. I expect and believe such legislation will have to be passed in this country.

On the overall point, on delays, there is no question but that there has been significant tardiness in the transposing of EU directives. Very often, it does not happen until very late in the day. This Bill is very complex in the sense that it affects both justice and finance but I am in a position to say that, since I became Minister of State at the Department of Justice, I have been trying to take control of the transposition of directives whose transposition has been delayed. There has been significant progress on the outstanding directives requiring transposition. For example, the legislation on the supervision directive was transposed just before Christmas. The legislation on the fifth EU money-laundering directive, which was before the Dáil last September, is now before the Seanad. The directive on the fight against fraud regarding the Union's financial interests by means of criminal law, the PIF directive, is working its way through the Dáil as quickly as possible. The criminal justice (mutual recognition of custodial sentences) Bill and the criminal justice (smuggling of persons) Bill are both in an advanced stage of drafting and are on the priority list for publication before Christmas. I assure Senators that I have got hold of the directives requiring transposition. I intend to get through those that are behind schedule as quickly as possible. The only reason we have not got through more at this point is the effect of the Covid restrictions and the associated difficulty in getting slots.The Whip's office has a Standing Order request from me. If any gaps can be found in the Seanad or the Dáil schedule, I am ready to go in and push this legislation through as quickly as possible.

I appreciate Senators' co-operation. I thank them for it and for their generous support of the Bill. There are a number of important key points that we will have to consider and discussion in more detail on Committee Stage.