Oireachtas Joint and Select Committees

Wednesday, 5 October 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Politically Exposed Persons: Discussion

Photo of Mairead FarrellMairead Farrell (Galway West, Sinn Fein) | Oireachtas source

It is interesting. Many things in finance can be quite opaque but specifically that. It must be fascinating to be involved in that and in trying to figure out how it could be done. Obviously those who engage with cryptocurrency might not find that, but as someone who does not, I think it is very interesting.

Another opaque question I will ask involves a hypothetical scenario. If someone wanted to corrupt the political system or was trying to corrupt me and decided to do a direct transfer to me, it would obviously trigger some suspicion. What if they placed the funds in a shell company owned by a legal trust, of which I, as a politician, was a beneficiary? I understand that trusts are required to register with the Central Register of Beneficial Ownership of Trusts, CRBOT, but if they did not, how would one be able to out?

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