Minister of State at the Department of Justice (Deputy James Browne): I move: That Dáil Éireann approves the exercise by the State of the option or discretion under Protocol No. 21 on the position of the United Kingdom and Ireland in respect of the area of freedom, security and justice annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, to take part in the adoption and application of the following proposed measure:

Directive of the European Parliament and of the Council amending Directive (EU) 2019/1153 of the European Parliament and of the Council, as regards access of competent authorities to centralised bank account registries through the single access point,

Deputy Martin Kenny: The protocol will certainly assist competent authorities across the EU to trace the proceeds of crime, which is welcome. The main issue that the protocol will solve is the time delay that many authorities across the EU experience when they are asking for banking information from their counterparts in other countries. I know that issue has been a difficulty for the Criminal Assets Bureau, An Garda Síochána, the Revenue Commissioners and other agencies of the State when trying to find where money has been or where bank accounts have been opened in other countries. The time delay is crucial when it comes to tracking and freezing financial assets belonging to gangland figures or to other criminals. It is also important to point out that hopefully this legislation and the ability to track and trace in this matter will be a deterrent to young people who are often duped into or attracted to this type of thing.

There have been recent reports in the media of younger people unwittingly taking part in money laundering with their Revolut accounts. This primarily happens because the accounts are based outside of the State. What often negatively affects the prosecution or tracing of these funds is the delay. It is sometimes the case that, when a person decides to launder money across jurisdictions in the EU, the delay works to the benefit of the criminals concerned. It is important to point out these are not victimless crimes. They have an impact on communities because much of the money hidden in these criminal bank accounts has been garnered by criminal gangs who have been a scourge in our communities in many urban areas with drugs and all the difficulties around that. The Minister of State mentioned Ireland has many large multinational corporations and big companies in the financial services sector, technology and so on. We recognise that tax evasion is also a crime and needs to be examined in this context....

...Deputy Bernard J. Durkan: Like everybody else, I have dealt with a number of cases in recent years whereby drug mules were used to carry drugs. They were invariably people who were identified as having financial difficulties at the time and would do virtually anything to get out of their difficulties. It was made known to them that if they were to drive a vehicle for a couple of miles along a road somewhere that their financial difficulty would be resolved. Sums of up to €20,000 or €30,000, and in one case €40,000, were offered for a person to drive a truck. Invariably again, the mules were caught and put behind bars, rightly so. The fools went that road without consulting anybody. They were vulnerable and under financial pressure. Perhaps they were under family pressure. A whole lot of situations arose. I know that they should not have done it and that they deserved to be punished for their crimes, but to a large extent they were innocent. They did not go that route of their own volition. They did not set out to do that, but they paid for it.

I agree that the integrity of the financial services sector musts be protected, especially as the country is an open economy that trades with many countries all over the world. Citizens of Ireland have invested all over the world and continue to do so. Similarly, we depend on foreign direct investment, FDI, quite a lot in this country, understandably so. It is also understandable that we are able to give a clear indication to possible investors that we have a financial sector on which we can base our future with clarity, conviction and confidence. Any movement otherwise creates a problem.

[For the full debate on the Oireachtas website, click this link]