Pearse Doherty (Donegal, Sinn Fein)
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We will facilitate the passage of this legislation and its speedy scrutiny. However we have expressed some concerns on the legislation. I would like to tease out with the Minister how the scope of this legislation deals with some of the areas of concern around these fund structures. We know that Irish funds have lobbied heavily for this legislation. They expected it to be progressed before now. It is now going through the Dáil. In my view there are more pressing matters we could be dealing with, but this is an issue that needs to be dealt with.

Investment limited partnerships, ILPs, are tax restructures in which multiple partners are able to carry out activity with limited liability. That is due to the fact that the individual partners are all taxable in their own jurisdictions, some of which are low-tax jurisdictions. Unlike normal companies, however, they do not have to publish financial accounts or statements. There has been a huge expansion of ILPs in this State since 2014. The number has grown from 1,000 to 3,000. The Companies Registration Office has been quoted as saying this is abnormal. At present, these partnerships do not register a principal place of business in Ireland, which is quite unique. They do not make annual returns or file financial statements. They are not covered by the European anti-money laundering directives that require disclosure of the real ownership behind structures. That is the issue that the Minister of State has said he will address through amendments in the Seanad, which would be welcome. Is there scope within this legislation to deal with other issues about these partnerships that concern me and others? Has the need to register a principal place of business in Ireland been catered for in the legislation, or the need to make annual returns or file financial statements? Can the Minister of State clarify that the aim of the amendments he is bringing forward is to ensure that these partnerships are subject to the European anti-money laundering directives by disclosing their real ownership?