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

Accessing the almost €1 billion in funding under the NRRP requires the State to undertake multiple reforms.  Priority No. 3 of these reforms includes commitments on anti-money laundering and aggressive tax planning.  I have repeatedly raised the issue of billions of euro of Russian money going through the International Financial Services Centre, IFSC, over the past two years. A fortnight ago I raised with the Taoiseach the issue of opaque shell companies.  These companies are used for aggressive tax planning by firms accused of money laundering which have funnelled billions of euro from the IFSC to Russia.  When I mentioned this to the Taoiseach, he mentioned securitisation but these accounts are not securitisation vehicles.  If changes to our financial regulations and tax codes are not necessary, why has the EU demanded that Ireland implement reforms on money laundering and aggressive tax planning?  The NRRP clearly states that the State must "enhance the supervision and enforcement of the anti-money-laundering framework as regards professionals providing trust and company services." If we want to show solidarity to the people of Ukraine, we must take real action on this.  Will the Taoiseach commit to ending the use of anonymous company ownerships through trustee structures and ending the ability of these companies to operate from the IFSC for the purpose of aggressive tax planning through section 110 of the tax code? At a minimum, will the Taoiseach ensure the Minister for Finance undertakes a cost benefit analysis of section 110 to ascertain whether it is consistent with current reforms to the international tax regime?

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