Dáil Éireann Debate, Wednesday - 7 December 2022
2. Deputy Catherine Murphy asked the Tánaiste and Minister for Enterprise, Trade and Employment the status of Ireland’s public register of beneficial ownership; and proposed changes to the public nature or operation of the register. [61193/22]
Amharc ar fhreagraArising from obligations under the EU Fifth Anti-Money Laundering Directive (AML5), the Minister for Finance signed the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate. Entities) Regulations 2019. These regulations provide for a Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) and require companies, registered under the Companies Act 2014; and societies, registered under the Industrial and Provident Societies Acts 1893-2021, to register certain information with the RBO in respect of their beneficial owners.
Access to RBO beneficial ownership information has been available on an unrestricted basis to competent authorities (including An Garda Síochána, the Department of Justice, the Property Services Regulatory Authority, the Law Society of Ireland, the General Council of the Bar of Ireland, designated accountancy bodies). Restricted access has been available to any member of the public and to Designated Persons who form a business relationship with a relevant entity or are taking customer due diligence measures (mostly in financial institutions).
Arising from the ruling of the Court of Justice of the European Union, the Registrar of Beneficial Ownership took the decision to suspend all access to the Register. This situation is temporary and is necessary in order to facilitate an IT solution which will provide access to the RBO in accordance with the Court ruling. It is expected that access with be restored to competent authorities and designated persons in the coming days with only limited information being available to the general public. The Registrar has been communicating directly with key stakeholders on the current situation.
