Vol. 533 No. 6
61 Ms McManus asked the Minister for Finance if he has received a report from the regulatory authorities into the activities of a company (details supplied) which is reported to operate from within this jurisdiction, and which has been the subject of a critical report by a US congressional investigations committee into money laundering; and if he will make a statement on the matter. [9742/01]
My Department is responsible for the development of the legal framework under which credit institutions are supervised and regulated. Once the necessary legislation has been enacted, the day-to-day responsibility for the supervision of credit institutions is a matter for the Central Bank and I, as Minister for Finance, have no statutory function in the matter.
Accordingly, as I have just indicated, the regulation of banks is the primary responsibility of the Central Bank. I have been advised by the Central Bank that a bank which is not authorised to carry on banking business within Ireland may not advertise for or otherwise solicit deposits in Ireland. It may not hold itself out or represent itself as a bank here, and to do so would involve a breach of the law.
As I said in response to a question from Deputy McDowell on this issue on 20 February last, it is a matter for the relevant authorities here, including the Central Bank, the Garda Síochána and the DPP, to determine whether there have been any breaches of Irish legislation in relation to money laundering and what action to take if the law is broken.
I understand that such determinations have not yet been concluded and in this context would note the strict requirements as to confidentiality which apply to the Central Bank and the DPP.
