Joe Costello (Dublin Central, Labour)
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Question 230: To ask the Minister for Finance the legal provisions for the transfer of cash to a bank outside this jurisdiction; the restrictions on transfer of this cash back to Ireland; if his attention has been drawn to the fact that finance companies (details supplied) facilitate such transactions; if this may constitute money laundering under the act; and if he will make a statement on the matter. [15915/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Any person who carries on the business of money transmission is subject to the money laundering provisions of the Criminal Justice Act 1994 and accordingly is required to identify their customers, keep records, train staff and report suspicious transactions to the Garda Síochána and to the Revenue Commissioners. Money transmitters are also subject to EU Regulation 1781/2006 which requires that money transfers be accompanied by the identity of the sender including name, address and account number. These money laundering requirements would also apply to any transfer of funds back to Ireland provided that the institution making the transfer is located in another EU Member State or in a country which has implemented the relevant recommendations of the Financial Action Task Force on money laundering - the main international anti money laundering organisation.

Whether or not any particular transfer of funds by a money transmission business involves money laundering would be a matter for investigation by the Garda Síochána and ultimately for judgement by the Courts.

Money transmitters are required to be authorised by the Financial Regulator under the Central Bank and Financial Services Authority of Ireland Act 2004. The authorisation process involves the application of a "fit and proper" test to the persons directing the business. The Financial Regulator conducts ongoing supervision of authorised businesses to ensure that they meet the requirements of the money laundering and terrorist financing provisions of the Criminal Justice Acts.