Dáil Éireann Debate, Tuesday - 3 October 2006
282 Ms Burton asked the Minister for Finance the steps which are being taken to inform the public, and in particular small import and export businesses, of the new EU rules relating to cross border payments through the international banking system; and if he will make a statement on the matter. [30733/06]
Amharc ar fhreagraI presume that the Deputy's question arises from the EU's proposal for a Regulation of the European Parliament and of the Council on information on the payer accompanying transfers of funds. This proposal has not yet been adopted by the European institutions, but when it is, it will have direct application in all Member States. It is likely to come into effect in January 2007 at the earliest.
The proposed Regulation is considered to be essential to detecting terrorist financing, money laundering and other criminal activity. The Regulation would require international money transfers to be accompanied by the identity of the sender including the name, address and account number. A less detailed regime is required within the EU. The objective is to have this information available to law enforcement authorities and hence assist them in detecting, investigating and prosecuting terrorists and other criminals and tracing their assets. This proposal is part of the EU Plan of Action to Combat Terrorism. My Department will issue further information when this Regulation comes into effect.
In anticipation of the implementation of the Regulation, I understand that banks have already informed their customers of the new requirements and of the necessity to include details of their International Bank Account Number (IBAN) the associated Bank Identifier Code (BIC) when transferring funds. Banks are obliged to state their customer's IBAN and BIC on their account statements since 1 July 2003. The Irish Payment Services Organisation (IPSO) has also been giving publicity to this measure on its website at www.ipso.ie.
