No. 27/1992:

FINANCIAL TRANSFERS ACT, 1992

ARRANGEMENT OF SECTIONS

Section

1. Short title.

2. Definitions.

3. Financial transfers.

4. Restriction of financial transfers.

5. Offences.

6. Penalties.

7. Laying of orders before Houses of Oireachtas.

8. Administrative expenses.

ACTS REFERRED TO

Number 27 of 1992

No. 27/1992: FINANCIAL TRANSFERS ACT, 1992

AN ACT TO PROVIDE FOR THE CONTROL OF FINANCIAL TRANSFERS BETWEEN THE STATE AND OTHER COUNTRIES AND FOR OTHER MATTERS CONNECTED THEREWITH.

[18th December, 1992]

BE IT ENACTED BY THE OIREACHTAS FOLLOWS:

1.—This Act may be cited as the Financial Transfers Act, 1992 .

2.—In this Act—

"the Minister" means the Minister for Finance;

"financial transfers" shall be construed in accordance with section 3 of this Act;

"the treaties governing the European Communities" has the meaning assigned by the European Communities Act, 1972 , as amended by subsequent enactments.

3.—References in this Act to financial transfers, without prejudice to the generality of the expression, include all transfers which would be movements of capital or payments within the meaning of the treaties governing the European Communities if made between Member States of the Communities.

4.—(1) The Minister may by order make provision for the restriction of financial transfers between the State and other countries.

(2) An order under this section shall be made in conformity with the treaties governing the European Communities.

(3) An order under this section may be made on such terms and subject to such conditions as the Minister may prescribe.

(4) The Minister may by order amend or revoke any order made by him under this section.

(5) An order under this section may include such supplementary provisions as the Minister thinks fit for the supervision of financial transfers and for the administration and enforcement of the provisions of any such order.

5.—(1) Any person who contravenes any provision of an order made under this Act shall be guilty of an offence.

(2) Where an offence under this Act is committed by a body corporate or by a person acting on behalf of a body corporate and is proved to have been so committed with the consent, connivance or approval of, or to have been facilitated by any neglect on the part of any director, manager, secretary or any other officer of such body, such person shall also be guilty of an offence.

(3) In this section, a reference to the contravention of a provision includes, where appropriate, a reference to a refusal, or a failure, to comply with that provision.

6.—(1) A person guilty of an offence under this Act shall be liable—

( a ) on summary conviction, to a fine not exceeding £1,000, or to imprisonment for any term not exceeding twelve months or, at the discretion of the court, to both such fine and such imprisonment, or

( b ) on conviction on indictment, to a fine not exceeding £10,000,000 or twice the amount of the capital in respect of which the offence was committed, whichever is the greater, or to imprisonment for a term not exceeding ten years or, at the discretion of the court, to both such fine and such imprisonment.

(2) Where a person, after conviction of an offence under this Act, continues to contravene the provision, he shall be guilty of an offence on every day on which the contravention continues and for each such offence he shall be liable to a fine, on summary conviction, not exceeding £200 or, on conviction on indictment, not exceeding £100,000.

7.—Every order under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next twenty-one days on which that House has sat after the order is laid before it, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

8.—The expenses incurred in the administration of this Act shall, to such extent as may be sanctioned by the Minister, be paid out of moneys provided by the Oireachtas.