Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

I thank the Minister for his presentation. My party supports this proposal. It is absolutely right and true that financial crime of this kind has become more complex and that more resources will be required by the relevant authorities over time.

I was not in a position to participate in the Second Stage debate and Deputy Quinlivan participated on my behalf. He raised a number of questions but some of them were not answered and these matters relate to the legislation that we are dealing with subsequently. Today, we are not discussing the legislation. However, these matters are closely linked to the fourth and fifth anti-money laundering directives and it is better that I ask my questions here rather than speak to amendments. One question was partially answered but I seek clarity on it and another question was not answered. The first question was where we raised our concerns about the fact that there is discretion available to member states, in terms of the obligation under Article 31. The article outlines that states must apply a full public register of beneficial ownerships of trusts, as per the directive. The Minister, in his response, outlined the fact that the legislation for beneficial ownership registers is being developed by the Department of Finance. I know that the Minister for Justice and Equality does not have responsibility for that matter but it obvious that there has been some correspondence. He said that it will apply to special purpose vehicles, that is body corporates.

Although the list will be initially viewable by An Garda Síochána and other appropriate authorities, the fifth money-laundering directive provides for wider access to parts of the beneficial ownership information. He then goes on to state that we will be in full compliance with the fourth and the fifth money-laundering directives. Can I take it from that that the State is not exercising any discretion in regard to Article 31 but, rather, will apply it in its totality?