Tuesday, 10 December 2019

Questions (135)

Robert Troy

Question:

135. Deputy Robert Troy asked the Minister for Finance the progress to date in tabular form regarding each of the action points made in the report Measures to Enhance Ireland’s Corporate, Economic and Regulatory Framework, published in November 2017; if each such action point has been completed, not completed or is ongoing, respectively; and the revised deadlines for action points not delivered by original timelines committed. [51396/19]

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Written answers (Question to Finance)

The Department of Finance is the lead Department for ten key actions identified in the report, Measures To Enhance Ireland’s Corporate, Economic And Regulatory Framework. The majority of these actions have already been implemented and the others are in progress for implementation. The attached table provides details on the relevant action points.

Appendix – Table of Actions (Department of Finance Actions)Action Point No.

Action Point

Timeline

Relevant Bodies

Lead/Owner

Progress

CORPORATE GOVERNANCE

Publish a progress report on the implementation of the recommendations of the Report of the Joint Committee of Inquiry into the Banking Crisis, which includes corporate governance measures

12

Publish Progress Report on the implementation of the recommendations of the Report of the Joint Committee of Inquiry into the Banking Crisis

Q4 2017

Department of Finance

Department of Finance

Near completion – Draft Report prepared and being considered.

13

Monitor the implementation of further recommendations from the Report of the Joint Committee of Inquiry into the Banking Crisis

Ongoing

Department of Finance

Department of Finance

Ongoing – Draft Report contains an assessment to November 2019 of the implementation of the recommendations from the Report of the Joint Committee of Inquiry into the Banking Crisis.

ENHANCING THE POWERS OF THE AUTHORITIES TO IDENTIFY AND COMBAT ECONOMIC AND REGULATORY OFFENCES IN THE FINANCIAL SECTOR

Examine whether any additional powers and resources are required to combat tax evasion and avoidance as part of Budget 2018 and its associated Finance Bill

18

Revenue, in conjunction with the Department of Finance, will continue to examine whether any additional powers or measures are currently required. Any such measures will then be proposed to the Minister for Finance for inclusion in Finance Bill 2018.

Ongoing

Department of Finance, Revenue Commissioners

Department of Finance

Completed - Funding allocated to Revenue in Budget 2018 will support them in undertaking a number of initiatives, including:

- Significant reform of the administration of the PAYE system; and

- The enhancement of ICT systems capacity for data matching and data analytics.

Implement MIFID II

19

Implement MiFID II, which broadens the powers of the Central Bank to remove (members of) the executive board from the management of [“failing”] MiFID companies

Q1 2018

Department of Finance, Central Bank of Ireland

Department of Finance

Completed

20

Extend the Market Abuse Rules to a wider cross-section of individuals under MiFID II

Q1 2018

Department of Finance, Central Bank of Ireland

Department of Finance

Completed

21

MiFID II Bill providing for criminal sanctions for serious infringements of MiFID II/MiFIR

Q1 2018

Department of Finance, Central Bank of Ireland

Department of Finance

Completed –Markets in Financial Instruments Act 2018 was enacted in October 2019

Implement the automatic exchange of financial account information under the global Common Reporting Standard (CRS)

22

Implement the automatic exchange of financial account information under the global Common Reporting Standard (CRS)

Q4 2017

Department of Finance, Revenue Commissioners

Revenue Commissioners

Completed - the first information exchange began in September 2017.

COUNTERING MONEY LAUNDERING AND CORRUPTION

Respond to the recommended actions of the Financial Action Task Force Report on Ireland’s Anti Money Laundering and Countering the Financing of Terrorism framework (due to be published September 2017).

23

Respond to the recommended actions of the FATF Report on Ireland’s Anti Money Laundering and Countering the Financing of Terrorism framework

Ongoing

Department of Justice and Equality and the various Departments and agencies involved in AML/CFT

Department of Finance

In progress (no deadline) – The Financial Action Task Force (FATF) Report on Ireland’s Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT) found that overall, Ireland has a sound and substantially effective regime to tackle money laundering and terrorist financing. It also made a series of detailed recommendations in regard to all aspects of Ireland’s AML/CFT regime.

An action plan to address those recommendations is in place and has been significantly progressed. Ireland underwent its second post review follow-up in October 2019 and received upgrades to 11 of its review findings and was removed from enhanced follow-up. Ireland is now compliant or largely compliant with 33 of the 40 FATF recommendations and partially compliant with the remaining 7.

Establish Registers of Beneficial Ownership for Companies, Industrial and Provident Societies (cooperatives) & ICAVs

25

Establish a central register for beneficial ownership of companies and industrial and provident societies

Q1 2018

Department of Finance, Department of Justice and Equality, Department of Business, Enterprise and Innovation, Companies Registration Office, Office of the Attorney General, Revenue Commissioners

Department of Finance

This has been delivered. SI 110 of 2019 establishing the register entered into force in March. The register went live in July with a filing deadline of 22 November 2019.

26

Transpose Article 31 4AMLD regarding trusts and similar legal arrangements

Q1 2018

Department of Finance, Department of Justice and Equality, Department of Business, Enterprise and Innovation, Companies Registration Office, Office of the Attorney General, Revenue Commissioners

Department of Finance

The Department of Finance concluded transposition of Article 31 4AMLD. This was delivered via SI 16 of 2019. The Department is currently transposing Article 31 of 5AMLD. This work is well advanced and is expected to be concluded soon.