Seanad debates

Monday, 15 February 2021

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020: Report and Final Stages


10:30 am

Photo of Barry WardBarry Ward (Fine Gael) | Oireachtas source

I have one further point to raise with the Minister of State. I raised it on Second and Committee Stages. It is about the index-linking of the amounts mentioned in the Bill and specifically in section 5, I think, in relation to arts dealers and letting agents. The figure of €10,000 was used. Section 5 of the Bill amends section 25 of the 2010 Act. I suggested that that should be index linked. At the moment we are in a very stable, low-interest environment and that is obviously to be welcomed, but it will not be that way forever. I anticipate a situation where, in very short succession, those figures will be outdated and we will bring upon ourselves another situation where, within a period of time, artwork of a certain value may be much more common than it is now and then a huge burden is created for those people. I asked the Minister of State if he would examine that and wish to know if he did.


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