Friday, 6 September 2019

Questions (81)

Kate O'Connell


81. Deputy Kate O'Connell asked the Minister for Finance if Irish collective asset-management vehicles as incorporated bodies will be required to provide information on beneficial ownership to the register of beneficial ownership; if this information will be made publicly available; if there is an up-to-date membership list in accordance with Regulation 18 of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (details supplied); and if not, his plans to introduce legislation or requirements to that effect. [35028/19]

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Written answers (Question to Finance)

Irish Collective Asset-management Vehicles (ICAVs) incorporated under the ICAVs Act 2014 are currently required to locally hold information on their beneficial ownership as specified in SI 110 of 2019.

Legal entities incorporated under the Companies Act and the Industrial and Provident Societies Acts 1893 to 2014, are required to centrally file their beneficial ownership information with the Register of Beneficial Ownership (RBO). The Registrar was appointed by the Minister of Business, Enterprise and Innovation to this role in July 2019.

Similarly the ICAVs will also be required to provide information on beneficial ownership to a central Register of Beneficial Ownership as set out in Article 30 of the 5th Anti-Money Laundering Directive (5AMLD). This information will be accessible to the public in accordance with the provisions of the 5AMLD.

The transposition work in this regard is ongoing. The transposition deadline for the requirement for corporate and other legal entities to centrally file under Article 30 of 5AMLD is 10 January 2020 and officials are progressing regulations in accordance with this deadline.