Counterfeit Currency (Amendment) Bill 2022: An Overview
Introduction
Deputy Michael McGrath, Minister for Public Expenditure and Reform, recently provided an overview of the Counterfeit Currency (Amendment) Bill 2022. This bill aims to give effect to a 2014 EU directive on counterfeiting currency, ensuring that Ireland’s laws are in line with EU regulations.
Key Provisions
- Part 1: Short Title and Commencement
- Sets out the short title of the Bill and arrangements for its commencement.
- Part 2: Amending the Criminal Justice (Theft and Fraud Offences) Act 2001
- Gives full effect to the 2014 directive, including:
- Definitions
- New offences
- Extra-territorial jurisdiction
- Gives full effect to the 2014 directive, including:
- Part 3: Obligations of Relevant Persons
- Relates to ensuring authenticity and fitness of euro banknotes and coins
- Sets out monitoring, supervision, and enforcement powers required by the Central Bank
- Provides for the obligations of relevant persons
- Part 4: Designation of Currency Centres
- Places on a statutory footing the designation of the currency centre of the Central Bank as a national analysis centre for euro notes
- Designates the coin national analysis centre for euro coins
Consultation and Stakeholder Engagement
The Minister emphasizes that officials from his Department, the Office of the Attorney General, and the European Central Bank have worked closely to draft this complex but necessary Bill. They are continuing to consult stakeholders in respect of certain provisions under Part 2 and may need to bring forward amendments on Committee Stage to further refine sections 6 and 8.
Conclusion
The Minister concludes by stating that the transposition date in respect of one of the instruments, the 2014 directive, has passed, and that Departmental officials engaged with the Commission as the Bill was being prepared. He notes that the vast majority of the requirements set out in the directive are already complied with by existing law or in administrative practice.
Overall, the speech provides a detailed overview of the Counterfeit Currency (Amendment) Bill 2022 and its key provisions, highlighting the importance of ensuring a high level of trust in the currency.