Dáil Éireann Debate, Tuesday - 23 September 2014
158. Deputy Pearse Doherty asked the Minister for Finance the steps he will take to establish a publicly available register of beneficial owners of companies and trusts in Ireland, as distinct from supporting a system where beneficial ownership can be established; and if he will make a statement on the matter. [35267/14]
View answerThe requirement to obtain and hold information on beneficial ownership stems from the provisions of the proposed 4th Anti-Money Laundering Directive which seeks to update the 3rd Directive to take account of the February 2012 revision of the international standards for anti-money requirements the recommendations of the Financial Action Task Force (FATF). A general council agreement was reached on this file on 18 June 2014 giving Council a mandate to commence negotiations with the European Parliament.
The proposed 4th Anti-Money Laundering Directive covers a number of policy areas which come under the responsibility of a range of Departments and Offices. Arising from consultation with the relevant Departments and Offices, Ireland's position in the negotiations has been to support the view that beneficial ownership should be known. Under the current text Member States will be required to ensure the beneficial ownership information on corporate and other legal entities, and trusts is held in a specified location so that it can be accessed in a timely manner. In fact there are already provisions in place which allow for enforcement authorities and other shareholders to identify beneficial owners of companies when required. Furthermore trusts are subject to robust reporting requirements under current taxation and anti-money laundering legislation.
The new Directive will inter alia require amendment of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and we await final agreement of the specific provisions in the text with the European Parliament before commencing with the cross-Departmental transposition work.
