Liz McManus (Wicklow, Labour)
Link to this: Individually | In context

Question 74: To ask the Minister for Justice, Equality and Law Reform the reason for the failure to implement the 2005 EU directive on money laundering by the deadline of December 2007; when the required legislation will be published; if he will confirm that there are enforcement proceedings imminent against Ireland for its failure to implement the directive; and if he will make a statement on the matter. [7596/09]

Dermot Ahern (Louth, Fianna Fail)
Link to this: Individually | In context

The legislation which will give effect to the third EU Money Laundering Directive (and the related Implementing Directive) is being drafted at present. This legislation will also take into account relevant recommendations arising from the Financial Action Task Force (FATF) third mutual evaluation report (2006) on Ireland's measures to combat money laundering and the financing of terrorism.

As the Deputy correctly states the transposition timescale for these directives was December, 2007. This is a complex and important piece of legislation and it is essential that it meets all the requirements involved. I can assure the Deputy that the highest priority is being given to the drafting and publication of this Bill. I am also taking the opportunity through this Bill to repeal and consolidate the existing anti-money laundering provisions. This is an approach, which I believe will facilitate all sectors and groups involved in using and applying the money laundering provisions. For this reason, when Government approval was given to the drafting of this Bill, approval was also received for the publication of the proposals on my Department's website. Following this, my Department and the Department of Finance conducted an extensive consultation process involving interested parties, which included both the provision of written submissions and meetings with those involved. I understand from my officials that this was an extremely useful and important exercise for all concerned.

The Commission has brought proceedings against Ireland in relation to the transposition of these directives. I understand that it has also taken similar action against some other Member States. As the matter is currently with the European Court of Justice, I think it would be inappropriate to comment any further on the matter. However, what is relevant in this regard is that I expect to be in a position to publish the legislation in the first half of this year and my intention is that it will be considered by both Houses of the Oireachtas as soon as possible after that date.