Written answers

Wednesday, 28 November 2007

Department of Justice, Equality and Law Reform

Proposed Legislation

8:00 pm

Tony Gregory (Dublin Central, Independent)
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Question 259: To ask the Minister for Justice, Equality and Law Reform the steps being taken to comply with the recommendations of the Financial Action Task Force Third Mutual Evaluation Assessment Report Anti Money Laundering and Combating the Financing of Terrorism Ireland; and if he will make a statement on the matter. [31369/07]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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As part of its 3rd Round of Mutual Evaluations, the Financial Action Task Force (FATF) published its Report in February 2006 on Ireland's systems to combat money laundering and terrorist financing. Ireland achieved a relatively high compliance rating in respect of the revised 40 Recommendations which had been adopted by FATF in 2003. These recommendations have largely been embodied in the Third EU Money Laundering Directive (on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing), which is now in the process of being transposed into Irish law.

As the Deputy is aware, Ireland already has extensive legislation in place to tackle money laundering and the financing of terrorism as set out in the Criminal Justice Act 1994 (as amended) and the Criminal Justice (Terrorist Offences) Act 2005. With regard to operational matters, in the context of combating these activities, there is ongoing cooperation and exchange of information between the relevant supervisory and police authorities within the EU.

I will soon be submitting to Government for approval, a General Scheme of a Bill which will further strengthen our existing legal framework in this area. This Scheme will give effect in Irish law to the EU Third Money Laundering Directive and will take into account the relevant recommendations contained in the FATF Report, which come within the remit of my Department. The Scheme will also give legislative effect to the provisions of the 2005 Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism.

In line with standard FATF procedures, Ireland will be making a report to the FATF Plenary in February 2008 outlining the progress made on the implementation of the specific recommendations contained in the FATF Report on Ireland.

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