Financial Services Regulation

Dáil Éireann Debate, Thursday - 20 December 2012

Thursday, 20 December 2012

Questions (63)

Aodhán Ó Ríordáin

Question:

63. Deputy Aodhán Ó Ríordáin asked the Minister for Finance if he will provide a detailed account of the way private monetary transactions between accounts that is bank transfers, in the State are monitored by the Revenue Commissioners; if there is a cut off amount on which such transactions would require inspection by the Revenue Commissioners to guarantee that they were tax compliant; if there is, the figure of said amount; and if he will make a statement on the matter. [57415/12]

Written answers

Minister for Finance

I am informed by the Revenue Commissioners that they do not directly monitor private monetary transactions. However, Section 42 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 obliges banks, in addition to other designated bodies, to report any financial transaction, private or otherwise, to the Revenue Commissioners and An Garda Síochána where there is a suspicion that an offence of money laundering may have been committed. Section 7 of the Act defines money laundering as the laundering of the proceeds of criminal conduct. Section 6 of the Act includes Revenue offences in its definition of criminal conduct. The legislation does not specify any minimum amount for which a report must be made. Revenue assesses all such reports for appropriate action. In addition, financial institutions are required to make annual returns of information to Revenue, including the details of interest or interest-type payments over €635 in a year. This information is included in Revenue’s Risk Analysis and Profiling system.