Bernard Durkan (Kildare North, Fine Gael)
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Question 379: To ask the Minister for Finance if he has contemplated any legislative changes with a view to preventing money laundering; and if he will make a statement on the matter. [7145/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Irish legislation on money laundering is set out in the Criminal Justice Act 1994, as amended. Primary responsibility for legislation in the area of money laundering rests with the Minister for Justice, Equality and Law Reform.

In regard to regulation of the financial sector the role of the Minister for Finance is to bring forward legislative proposals under which the financial regulator, the Irish Financial Services Regulatory Authority can adequately supervise and regulate financial service firms including their compliance with their obligations under the anti-money laundering provisions of the Criminal Justice Act 1994. The financial regulator is independent in the exercise of its powers.

It is clearly important that the effectiveness of the existing regulatory framework for the financial sector in combating money laundering is kept under review on an ongoing basis.

The Deputy may also be aware that a third money laundering directive is under consideration within the EU. It received political agreement from Finance Ministers last December and is currently before the European Parliament. If agreed it will require amendments to our domestic legislation in relation to money laundering.