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Money Laundering

Dáil Éireann Debate, Tuesday - 18 February 2014

Tuesday, 18 February 2014

Questions (583)

Maureen O'Sullivan

Question:

583. Deputy Maureen O'Sullivan asked the Minister for Justice and Equality the definition of a suspicious transaction and improper conduct in relation to cash transfers which must be reported by a property service provider and other designated persons; the amount of money deposited in a bank which must be reported to the Revenue Commissioners by the bank that carries out the deposit; if a limit exists for the cash transactions made to a property service provider when a customer purchases a home and when it has to be declared to the Revenue Commissioners. [8259/14]

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Written answers

Section 42 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 requires designated persons (which includes banks and property service providers) to report suspicious transactions to An Garda Síochána and the Revenue Commissioners. This includes information regarding verification of identity, the nature of business relationships and certain circumstances where a customer or a beneficial owner resides outside the State.

A designated person may have reasonable grounds to suspect that another person has been or is engaged in an offence of money laundering or terrorist financing if the designated person is unable to apply any measures specified in the Act in relation to a customer, as a result of any failure on the part of the customer to provide the designated person with documents or information.

The legislation does not provide for any threshold amounts, over which reports from designated persons should be made. Consequently, as there is no "de minimis" amount specified, the designated bodies are obliged to report any case once they have a suspicion. All Suspicious Transaction Reports are subsequently investigated as appropriate by the law enforcement authorities to examine any links such transactions may have to any form of criminal activity.

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