Billy Timmins (Wicklow, Fine Gael)
Link to this: Individually | In context

Question 92: To ask the Minister for Justice, Equality and Law Reform the progress that has been made in respect of the introduction of legislation to prevent money laundering in this jurisdiction in line with the third EU anti-money laundering directive; and if he will make a statement on the matter. [14382/09]

Ruairi Quinn (Dublin South East, Labour)
Link to this: Individually | In context

Question 125: 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. [14263/09]

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

I propose to take Questions Nos. 92 and 125 together.

The Criminal Justice (Money Laundering) Bill, which will transpose the requirements of the third EU Money Laundering Directive into Irish Law, along with those of the related implementing Directive is being drafted at present. The highest priority is being given to the drafting and publication of this Bill. The proposed legislation will also have regard to the relevant recommendations of the Financial Action Task Force (FATF), which published the third mutual evaluation report on Ireland's measures to combat money laundering and terrorist financing in 2006 and made recommendations.

Ireland already has strong anti-money laundering legislation. The transposition of the 3rd EU Money Laundering Directive and legislative compliance with the FATF recommendations on anti money laundering and terrorist financing measures, will considerably strengthen and update our existing laws. I am taking the opportunity through this Bill to repeal and consolidate our existing anti-money laundering provisions in one statute. This approach will I believe facilitate all the various 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 given to the publication of the proposals on my Department's website. Following publication of the Scheme of the Bill my Department, along with the Department of Finance with whom my Department is working closely on the preparation of this legislation, undertook an extensive consultation process involving a wide range of interested parties. The process included both the provision of written submissions and meetings with many interested groups. The process was an extremely useful and important exercise for all concerned.

The transposition date for the relevant Directives was December 2007. The European Commission has brought proceedings against Ireland and some other Member States in relation to the transposition of these Directives. As the matter is currently with the European Court of Justice it would be inappropriate to comment any further. It should be noted however that I expect to be in a position to publish the legislation by the first half of this year and it is my intention that it will be considered by both houses of the Oireachtas as soon as possible following publication.