Dáil Éireann Debate, Tuesday - 1 February 2022
601. Deputy Catherine Murphy asked the Minister for Justice if her Department is considering the establishment of a single anti-money laundering supervisory authority for designated non-financial businesses and professions; and if so, the timeframe in which it will be formed. [4469/22]
View answerAs the Deputy is aware, the responsibility for the day-to-day supervision of designated persons in respect of their anti-money laundering (AML) obligations lies with the relevant competent authorities for such persons, as set out in section 60 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended.
On 20 July 2021, the European Commission proposed a package of legislative changes to further develop the EU’s AML regime. This package would significantly reshape how AML regulation is structured, and includes a proposal for the creation of a single EU authority with responsibility for the area. If introduced, the package will, in turn, require substantial revisions to our national AML regime. However, as the negotiations on the package are ongoing, and the proposals may change significantly before they are finalised, it would be premature to speculate on what changes may be required.
Responsibility for countering money laundering is shared across several Government Departments and other bodies, and affects many sectors of our economy. Any significant changes will require detailed consideration and consultation with public and private sector stakeholders as the final EU measures emerge.
