James Browne (Wexford, Fianna Fail) | Oireachtas source

I thank Senators Ward, Boyhan, Gallagher, Boylan, Sherlock and Martin for their contributions. Unfortunately, under the protocol there is only ever a three-month window for opting in, and passing it requires a recommendation to the Government, Government approval and passage in both Houses. I regret that it will always be a tight timeline in dealing with options for the protocol.

I thank the Senators who contributed to the discussion and I welcome the broad support for the proposal. As I indicated earlier, the proposed directive amends a directive we have already opted into, Directive (EU) 2019/1153, widening access to bank account registers, otherwise known as BAR, single access point. This proposal is linked to a suite of EU proposals in reforming the EU's anti-money laundering framework published in July that do not fall within the freedom, security and justice legal basis. This proposed directive is still subject to negotiations on the overall suite of anti-money laundering reforms.

I reiterate that there are clear reputational reasons for opting into the proposed directive and our opting in will reflect on our status as a committed EU member and our visible commitment to an EU anti-money laundering framework, as well as adding to our reputation as an attractive and safe place to invest in and do business.

Ireland's opting into this directive will be an important element for the smooth functioning of our national anti-money laundering framework as it requires that the information from the national centralised bank account registries be available through the bank account registers single access point at EU level, which will be developed and operated by the European Commission.

Ireland continues to enhance our anti-money laundering framework. The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 transposes the criminal justice elements and several non-criminal justice elements of the 5th EU anti-money laundering directive. This Act ensures our regulatory framework keeps pace with the increasing integration of financial flows in the internal market and evolving trends and technological developments in the prevention of organised crime. It enhances the range of measures countering money laundering by reflecting modern developments and it will also help bring us in line with EU obligations.

Ireland and the EU share a strong commitment to the fight against money laundering and terrorist financing. Law enforcement and financial institutions are reporting an increasing trend towards cyber-enabled economic crimes. There should be zero tolerance for illicit money, as criminals will exploit all possible avenues to pursue their illicit activities to the detriment of society. We remain determined to ensure criminals do not benefit from the proceeds of these crimes.

The targeting of money laundering is central to fighting organised crime. Ireland has a robust legislative framework, both criminal and civil, that allows for the freezing, seizure and confiscation of assets derived from criminal conduct. By pursuing those proceeds, we can bring those responsible to justice and meaningfully reduce the incentives to commit crimes in the first place.

This proposal is minor and practical and opting in will enable us to participate more fully in and reap more benefits from the EU's anti-money laundering framework. The action plan for a comprehensive EU policy on preventing money laundering and terrorist financing adopted by the Commission in May 2020 emphasises that the Union-wide interconnection between centralised bank account registries is necessary to speed up financial intelligence unit and law enforcement authority access to bank accounts and information, as well as facilitating cross-border co-operation. The EU's security union strategy of July 2020 also stresses that such interconnection could significantly speed up financial intelligent unit and competent authority access to financial information. For all these reasons and those outlined in my opening statement, I once again ask Senators to support the motion and Ireland's continued engagement with the EU's anti-money laundering framework.