Dáil Éireann Debate, Tuesday - 28 February 2006
253 Mr. Durkan asked the Minister for Finance if he is satisfied that financial institutions here have sufficient protection to guard against their being used as a means of laundering the proceeds of bank robberies; and if he will make a statement on the matter. [8209/06]
Amharc ar fhreagraIrish legislation on money laundering is set out in the Criminal Justice Act 1994, as amended. Primary responsibility for legislation in this area rests with the Minister for Justice, Equality and Law Reform. This legislation and relevant regulations made by the Minister for Justice, Equality and Law Reform implemented the EU money laundering directives of 1991 and 2001 in Ireland. The procedures for the prevention of money laundering in the financial system primarily involve the requirement on financial institutions — and other designated bodies — to identify their customers, to have adequate anti-money laundering procedures in place, including staff training, to keep records and to report suspicions of a money laundering offence to the Garda Síochána and to the Revenue Commissioners.
The Financial Regulator requires all institutions which it supervises to comply with the anti-money laundering legislation and relevant sectoral guidance notes, and to have in place the necessary procedures and controls to ensure such compliance. The adequacy of such systems is reviewed by the Financial Regulator in the course of its ongoing supervision of institutions and requirements for improvement are advised to institutions as necessary. Furthermore, in accordance with its legal obligation under section 57(2) of the Criminal Justice Act 1994, the Financial Regulator is obliged to make reports to the Garda Síochána and the Revenue Commissioners where in the course of its supervision it suspects that an institution has breached the relevant money laundering provisions of the Criminal Justice Act 1994.
The Garda Síochána and the Revenue Commissioners regularly receive reports from financial institutions and other designated bodies where they suspect that a money laundering offence is being or has been committed. All such reports are investigated and progressed as appropriate by the relevant authorities.
The Deputy will also be aware that a third Money Laundering Directive has recently been adopted within the EU. This directive and other international anti-money laundering instruments are being examined to assess what legislative measures are required to give effect to them in Ireland.
Ireland's systems to combat money laundering and terrorist funding were reviewed by an evaluation team from the Financial Action Task Force on Money Laundering, FATF, the international standard setting body in this area, last June and July. The outcome of this evaluation will also be taken into account in the transposition into Irish law of the third directive.
