Richard Bruton (Dublin North Central, Fine Gael)
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Question 65: To ask the Minister for Finance if his attention has been drawn to the fact that a company (details supplied) can transfer large sums of cash to any financial institution in the world; his views on whether this is a vehicle which may be used to launder money; if he will make the transfer of large sums of cash illegal under the Money Laundering Act; and if he will make a statement on the matter. [39741/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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In Accordance with Ireland's EU obligations All Exchange Control legislation expired on 31 December 1992. From 1 January 1993 there are no laws or regulations which would prevent the normal free movement of capital or current payments to or from the State by individuals or corporate entities for any purpose. This liberalisation applies equally to EU and non-EU countries.

However, in any such transactions the Irish resident parties involved, including the financial institutions, must ensure they are in conformity with the following: Financial sanctions in place under various European Communities Regulations, enforced under domestic law, which affect financial transfers to or from jurisdictions, entities or individuals which are the subject of sanction - these financial sanctions are generally in support of the fight against the financing of terrorism, weapons of mass destruction or repressive regimes; anti-Money Laundering legislation, for the purpose of ensuring that effective measures are taken to combat the laundering of the proceeds of criminal activity or the financing of terrorism.

Any person who carries on the business of money transmission, such as the company referred to by the deputy, 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 Siochána 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.

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.