Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank Deputies Ó Murchú, Redmond and Nash for their contributions. While I accept the point that this is a technical Bill, it deals with many significant issues. On beneficial ownership and who will be the ultimate owner, the provisions in this Bill strive to achieve the objectives mentioned. These amendments will ensure that the highest international transparency standards apply, including the EU anti-money laundering framework and that is why we are insisting on PPS numbers for any Irish resident. A person who is not from Ireland and wants to be considered for beneficial ownership will have to produce a passport and prove their identify to the satisfaction of the Central Bank.

Deputies also asked why we are prioritising this legislation. It has been on the Statute Book for some time. The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach supported the need for the Bill to proceed into the Oireachtas without scrutiny. In other words, the committee was happy for it to not undergo legislative scrutiny. Essentially, the Bill seeks to create investment, employment and revenue to the Irish economy, which is good for everybody.

In the context of the specific issues that have been raised, given the shortage of time, I will be happy to respond to them on Committee Stage. I again commend the Bill to the House.

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