The Criminal Justice (Theft and Fraud Offences) (Amendment) Bill, gives effect to EU Directive 2017/1371 for the fight against fraud on the European Union’s financial interests, by means of criminal law.
The Minister said: “This bill ensures that our regulatory framework keeps pace with the increasing integration of financial flows in the internal market, the evolving trends, technological developments and the prevention of organised crime.
“In line with international standards adopted by the Financial Action Task Force, and the European Union’s legislative framework, Ireland has developed a solid regulatory framework for preventing money-laundering,” he said.
Strengthened
Existing anti-money-laundering legislation is strengthened, and the new legislation contains a renewed focus on gatekeepers of financial systems.
It also ensures that there is increasing transparency by bringing further institutions within the scope of the Irish anti-money-laundering regulatory framework and by combating the use of new trends and technologies employed by criminals.
Commenting on the passing of the fraud legislation, Minister of State Browne said: “Fraud against the EU’s financial interests affects everyone, and this bill reflects an important update of Ireland’s already strong regime against it.
“Tackling economic crime and white-collar crime is a priority for this Government and for an Garda Síochána,” he said.