Money Laundering

Dáil Éireann Debate, Tuesday - 11 July 2017

Tuesday, 11 July 2017

Questions (321)

Seán Sherlock

Question:

321. Deputy Sean Sherlock asked the Minister for Justice and Equality his plans regarding the publication of the legislation required to give effect to the fourth anti-money laundering directive; if he plans to delay publishing the amendments required to be made to give effect to the fourth anti-money laundering directive by amending the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 until the proposed fifth anti-money laundering directive is finalised; and if he will make a statement on the matter. [32769/17]

Written answers

Minister for Justice and Equality

The General Scheme of the Criminal Justice (Money Laundering and Terrorist Financing)(Amendment) Bill was approved by the Government in December 2016. The Bill will give effect to most of the provisions of the 4th EU Money Laundering Directive (the Minister for Finance is responsible for transposing beneficial ownership and trust provisions of the Directive). The Bill is at an advanced stage of drafting and it is expected that the Bill should be ready for publication early in the next parliamentary session. Consideration will also be given to the extent to which provisions of the Directive could be transposed by Regulations made under the European Communities Act 1972. There are no plans to delay transposition of the 4th Directive pending adoption of the proposed 5th Directive. The question of transposing the 5th Directive will be considered, in consultation with the Department of Finance, once that Directive has been adopted.