Mr. Jim Clarken:

We have been working on tax transparency issues for years as part of the OECD process and as part of a wider global process. There needs to be a global agreement on these issues. We need the public registers of beneficial ownership and an understanding of what is owned by whom and how money is being transferred. It does not benefit society at all if the ownership of money or assets is being shipped to the Caribbean. It does not benefit the Caribbean either, for that matter. There is a real necessity to push this issue. We hope that when the OECD base erosion and profit shifting, BEPS, process moves into its next phases, we will see a more proactive approach to lifting the lid on these matters. Ireland being a proactive country in terms of its involvement in these processes is to our benefit. There are lots of companies registered in Ireland and we do not have full details on them. It is in our interest and should be a priority to address that.

Dr. Killian might like to comment on this point.