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11/07/2018 12:00:00 AM


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Flanagan, Charles

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Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018

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Seanad, Amendments from the

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Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018\Seanad, Amendments from the
Bills\Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018\Seanad, Amendments from the

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Amendment No

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BSA

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Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018

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From the Seanad

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Deputy Charles Flanagan

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Deputy Charles Flanagan

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Charles Flanagan

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10/25/2019 02:50:58 PM

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Snippet Contents:

The purpose of these amendments is to remove a requirement to report to An Garda Síochána and the Revenue Commissioners all transactions relating to what is known as a "high-risk third country". A high-risk third country is one which is not considered to have adequate controls for money laundering. The requirement is considered to be unnecessarily broad when combined with the European Commission's new designations of states as high risk. The view here is that this would be unduly burdensome for An Garda Síochána and the business entities involved. We discussed this at an earlier stage of proceedings but since the Bill was published and having regard to discussions that took place both within the House and outside, I think the amendment is considered desirable. There is already something of a requirement to report any transaction that is suspicious. This is a general requirement. In that regard, almost 25,000 reports were received by An Garda Síochána under this requirement last year. The Bill also contains an obligation to apply due diligence of an enhanced nature with regard to customers from high-risk third countries. I would not like Deputies to think that we were in any way diluting or weakening the legislation and have proposed the amendment for that reason.