As the Deputy will know, effective anti-money laundering legislation has been in place in this jurisdiction since the enactment of the Criminal Justice Act 1994. Later amendments to this Act are contained in the Criminal Justice (Theft and Fraud Offences) Act 2001 and the Criminal Justice (Terrorist Offences) Act 2005. These statutes ensure our full compliance with the 1st and 2nd EU Money Laundering Directives.
I am aware of the increased levels of reporting of suspicious transactions to the Garda Síochána. The financial services sector and other bodies whose members are affected by this legislation, including the Law Society and organisations representing the accountancy profession, make considerable efforts to ensure that their members are fully aware of the provisions of current anti-money laundering legislation and of the requirements to report any suspicious transactions to the authorities. I am of the view that the increase in reports of this nature to the Garda Síochána is a positive indication of greater levels of awareness on the part of many people whose job involves them in dealing with financial transactions which could be used for the purposes of money laundering or terrorist financing.
While our current anti-money laundering legislation is of a high standard, we must remain vigilant and as necessary continue to strengthen the law in relation to combating both money laundering and terrorist financing. To that end my Department is working closely with the Department of Finance on the transposition of the 3rd EU Money Laundering Directive into Irish law. In that regard the Government approved the drafting of a Money Laundering Bill on 12 February last. The Government also gave approval for the publication, on my Department's website, of the General Scheme of the proposed Bill and for the initiation of a consultation process involving all interested parties who wished to comment on the proposals. An extensive consultation process followed, which has now been completed. During the course of this process, a range of bodies met with my officials and made both written and oral submissions on the legislation. Bodies who participated in this process included the Irish Bankers Federation, the Law Society, the Consultative Committee of Accountancy Bodies, the Irish Taxation Institute and the Combat Poverty Agency, as well as a number of leading commercial law firms and other groups.
I am aware of the Financial Action Task Force (FATF) 2006 Report on Ireland's compliance with anti-money laundering and combating terrorist financing measures. I note that the Report was broadly positive regarding Ireland's regulatory regime in relation to anti-money laundering and terrorist financing. It stated that "Ireland has a broad money laundering offence which meets the Financial Action task Force requirements". The Report also pointed out that "Adequate powers are available to the Garda, the CAB and the Revenue Commissioners to gather evidence and to compel the production of financial records and files from financial institutions". The FATF 2006 Report did identify a small number of areas where our anti-money laundering and terrorist financing regime could be strengthened and in that context it is my intention to ensure that the provisions of the proposed Money Laundering Bill will combine both the requirements set out in the 3rd EU Money Laundering Directive and the recommendations contained in the FATF 2006 Report. Drafting of the Money Laundering Bill is now underway, and officials of my Department, the Department of Finance and the Office of Parliamentary Counsel are working closely together to ensure completion of drafting of this measure as soon as possible. It is my intention when drafting is completed, to bring this Bill to Government to seek approval for its publication at the earliest possible opportunity.
