Dáil Éireann Debate, Thursday - 6 May 2004
10 Mr. Sherlock asked the Minister for Finance the total number of suspicious financial transactions that might involve money laundering reported to the Revenue Commissioners during 2003; if he has satisfied himself that adequate procedures are in place to prevent money laundering; the work being undertaken by the money laundering steering committee; and if he will make a statement on the matter. [12870/04]
View answerI am advised by the Revenue Commissioners that they have received 2,688 suspicious transaction reports, which may relate to money laundering, between 1 May 2003, the date the reporting obligation under section 57 of the Criminal Justice Act 1994 was extended to the Revenue Commissioners, and 31 December 2003. A dedicated office, the suspicious transactions reports office, has been set up to ensure these reports are comprehensively followed through by Revenue. That office and the Garda meet regularly to review the reports received and to ensure their respective actions are co-ordinated. Money laundering investigations are conducted by the Garda, and Revenue deals with cases of suspected tax evasion.
Irish legislation on money laundering is set out in the Criminal Justice Act 1994, as amended. Primary responsibility for legislation in the area of money laundering rests with the Minister for Justice, Equality and Law Reform. Under the legislation designated bodies are required to identify their customers, report suspicious transaction to the Garda and the Revenue, keep records and ensure that they have adequate anti-money laundering procedures, including staff training, in place.
The Irish Financial Services Regulatory Authority requires all institutions which it supervises to comply with the anti-money laundering legislation and relevant sectoral guidance notes and to have in place the necessary procedures and controls to ensure such compliance. It reviews the adequacy of such systems in the course of its ongoing supervision. Furthermore, it too is obliged to make reports to the Garda and Revenue if it suspects that an institution has not complied with the legislation.
IFSRA ensures that institutions are informed of international developments in the area of prevention of money laundering, in particular in relation to recommendations and reports issued by the international financial action task force on money laundering.
The money laundering steering committee which was set up in 1994 under the chairmanship of the Department of Finance includes representatives of Departments, enforcement agencies and designated bodies. Its main function is to facilitate consistent application of the money laundering legislation provisions of the Criminal Justice Act 1994 across the range of body's affected by it.
Ireland's law and procedures on money laundering were the subject of a favourable review by the financial action task force, in 1998, under that bodies procedure for the mutual evaluation of its members. The next mutual evaluation of Ireland is due in 2005.
