Vol. 481 No. 7
58 Mr. J. Bruton asked the Minister for Justice, Equality and Law Reform the plans, if any, he has to update the legislation on money laundering to include insurance brokers, bureaux de change, remittance services and other financial services among those who must make reports of exceptionally large transactions. [16862/97]
Insurance brokers, persons providing foreign currency exchange services and money transmission services have already been designated under the Criminal Justice Act, 1994 and subsequent statutory instruments relating to that Act. Other financial services have also been provided for. The Act provides that designated bodies shall take reasonable measures to establish the identity of any person to whom they propose to provide certain financial services and to retain certain identification or transactions records for a period of five years. Designated bodies are also obliged to report to the Garda Síochána where they suspect that an offence of money laundering in relaton to their business has been or is being committed.
