Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020: Committee Stage
Seanad Éireann — 2021-02-08
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Barry Ward (FG), Industrial and Commercial Panel

I move amendment No. 4:
In page 10, between lines 32 and 33, to insert the following:
“Amendment of section 36A of Act of 2010
9. The Act of 2010 is amended by the substitution of the following section for section 36A:
“Examination of background and purpose of certain transactions
36A. (1) A designated person shall, as far as possible, in accordance with policies and procedures adopted in accordance with section 54, examine the background and purpose of all transactions that—
(a) are complex,
(b) are unusually large,
(c) are conducted in an unusual pattern, or
(d) do not have an apparent economic or lawful purpose.
(2) A designated person shall increase the degree and nature of monitoring of a business relationship in order to determine whether transactions referred to in subsection (1) appear suspicious.
(3) A designated person who fails to comply with this section commits an offence and is liable—
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”.”.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2021-02-08/debate/main
Retrieved: 2026-08-14T04:49:02+00:00
Sitting date: 2021-02-08