Neasa Hourigan
Question:56. Deputy Neasa Hourigan asked the Minister for Finance if he will outline the current position of his Department on the transfer of money between Ireland and Cuba. [21314/23]
View answerAnti-Terrorism Measures
Questions (56)
Written answers
I am informed by the Central Bank of Ireland that there is no specific guidance on the transfer of funds to Cuba and that Cuba is not on the list of jurisdictions subject to increased monitoring by the Financial Action Task Force, which sets the global standards in the Anti-Money Launder/Countering the Financing of Terrorism (AML/CFT) area, of which Ireland is a long standing member. In addition, Cuba has not been deemed a ‘high risk third country’ by the EU.
From an Anti-Money Launder/Countering the Financing of Terrorism perspective, my Department is not aware of any legal or regulatory obstacle placed by the State on persons in Ireland sending remittances through Irish banks to Cuba.
It should be noted that banks are designated persons under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and consequently have Anti-Money Launder/Countering the Financing of Terrorism obligations to meet under that legislation.
In meeting these obligations, banks are required to adopt a risk-based approach to the conduct of their business. A commercial bank is required to undertake a business-wide money laundering/terrorist financing (ML/TF) risk assessment to identify and assess the risks of money laundering/terrorist financing involved in carrying on its business.
I am informed that the factors which a Bank is required to take into consideration as part of its’ business wide money laundering/terrorist financing risk assessment shall include: customer type, the financial products and services provided, countries and geographical areas where it operates and the delivery channels it uses.
Subject to these points, the provision of money transfer services to any country, including Cuba, is a commercial decision for each individual institution. Neither I, as Minister for Finance nor the Central Bank of Ireland can direct financial service providers as to what commercial decisions they make in relation to the provision of services within the ambit of their individual authorisations.
As regards statistics on the level of transfers between Ireland and Cuba, I am informed by the Central Bank that it does not have specific data.