Dáil Éireann Debate, Tuesday - 16 December 2014
368. Deputy Marcella Corcoran Kennedy asked the Minister for Justice and Equality if cash-for-gold business providers are legally obliged to keep records of their transactions and put in place procedures that will ensure that the goods are not the proceeds of crime; and if she will make a statement on the matter. [47996/14]
View answerThe informal purchase of jewellery is not specifically regulated in criminal legislation; however the circumstances under which jewellery is being bought and/or sold may indicate the commission of certain offences, for example handling stolen property and / or possession of stolen property under sections 17 and 18 of the Criminal Justice (Theft and Fraud Offences) Act, 2001 and the onus is on owners of business to ensure that they are not buying stolen goods. If it is the case that items of substantial value are being paid for by cash in the 'cash for gold' outlets without adequate checks on identity / ownership then these businesses may be in breach of the Theft and Fraud Offences Act, if the items in question have been stolen.
I am committed to examining the best approach to regulation in the area of cash for gold business providers, having regard to the potentially significant impact on legitimate businesses. It is important to recognise that any legislation in this area would have a potentially significant impact on a broad range of businesses. There are a large number of legitimate businesses such as jewellers, antique dealers etc., as well as ‘cash for gold’ outlets that would be impacted upon. As the regulatory and resource burden of any proposed measure will have to be carefully examined to ensure that it is proportionate to the matter being addressed I have asked officials in my Department to carry out a Regulatory Impact Assessment (RIA) which will facilitate a process of consultation with groups likely to be affected. The current position is that my Department is finalising a RIA which will comprise a detailed and systematic appraisal of the potential impacts of any proposed regulation in order to assess whether the regulation is likely to achieve the desired objectives and the potential costs that will arise. I intend to publish this RIA for consultation in early 2015.
