Dáil Éireann Debate, Thursday - 18 May 2017
14. Deputy Thomas P. Broughan asked the Minister for Finance if section 33AT (1) of Part IIIC of the Central Bank Act 1942 has been amended in subsequent finance legislation; if not, his plans to amend or remove that specific section which related to sanctions for criminal offences; and if he will make a statement on the matter. [23367/17]
Amharc ar fhreagraThe Central Bank’s Administrative Sanctions Procedure is governed by Part IIIC of the Central Bank Act 1942. Part IIIC was inserted into the Central Bank Act, 1942, by the Central Bank and Financial Services Authority of Ireland Act, 2004. It provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contraventions by regulated financial service providers and by persons presently or formerly concerned in their management.
Section 33AT (1) of Part IIIC provides that no criminal prosecution may be brought against a financial service provider or person concerned in the management of a financial service provider if the prescribed contravention in question has already been the subject of an Inquiry under the Administrative Sanctions Procedure which led to the imposition of a monetary penalty.
Section 33AT (2) provides that where a criminal prosecution has been brought in respect of an offence that also involves a prescribed contravention, and the regulated entity or person is found either guilty or not guilty, then no monetary penalty may be imposed pursuant to the Administrative Sanctions Procedure.
In circumstances where both the Administrative Sanctions Procedure and summary criminal prosecution are available, the Central Bank will consider the circumstances of each case on its merits before deciding which avenue to pursue. Furthermore, in deciding whether or not to pursue criminal proceedings, the Central Bank will have regard to the Director of Public Prosecution’s “Guidelines for Prosecutors”.
Section 33AT does not preclude the Central Bank from following other non-monetary avenues within the Administrative Sanctions Procedure, including issuing a caution or reprimand, a direction ordering the financial service provider or person to cease participating in the commission of the contravention, or the suspension or revocation of regulatory authorisation. Neither does it absolve the Bank from the obligation to refer the matter to the relevant authority, including An Garda Siochana, where appropriate.
Section 33AT upholds the principle of ne bis in idem, also known as double jeopardy, which is deemed a constitutional and procedural right, and which provides that a person cannot be prosecuted more than once for the same offence. Accordingly, I have no plans to amend or remove this specific provision.
