Dáil Éireann Debate, Tuesday - 16 July 2013
270. Deputy Pat Deering asked the Minister for Finance the regulation in place for money being transferred out of the country through over-the-counter media such as Western Union, Moneygram and so on; the controls and checks in place to ensure it is not the reward of illegal activity; the tax rules that apply to this money; and the amount that has been transferred in this way in each of the past three years. [34929/13]
View answerI am advised by the Central Bank that all firms involved in money transmission or money remittance are required by it to hold an appropriate authorisation to provide the service. All firms involved in money transmission or money remittance are deemed to be a “designated person” under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) as they fall within the definition of a “financial institution”. In light of this such firms are required to ensure that they have appropriate procedures and controls in place to prevent and detect money laundering.
No specific tax rules apply to transfer of money, however in line with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, a report must be forwarded to the Revenue Commissioners if the transfer of money gives rise to suspicion on the part of the transferor. The Central Bank advises that no data are available with regard to the amounts that are transferred in this way.
