Pearse Doherty (Donegal South West, Sinn Fein)
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259. To ask the Minister for Finance if the Irish Government made information regarding yearly profits and tax payments by corporations including subsidiaries available to the public or is the Government planning to do so before the end of 2013; and if he will make a statement on the matter. [32040/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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261. To ask the Minister for Finance if the Irish Government is requiring multi-national companies including subsidiaries to provide an annual report on their turnover, number of employees, subsidies received, profits and tax payments on a country by country level for all countries in which they operate, or is the Government planning to introduce such reporting before the end of 2013; and if he will make a statement on the matter. [32042/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 259 and 261 together.

The issue of "country by country reporting" is topical at EU level at present. Up until now, "country by country reporting" was required only for those companies who were involved in extractive industries (e.g. mining, oil exploration etc.). Under the Irish Presidency of the EU agreement was reached on extending "country by country reporting" to the financial services industry. Measures to transpose the EU provisions into national legislation are expected to be in place in two years time.

The Government has no plans to unilaterally introduce such a scheme before the end of this year. The best way to progress the issue of "country by country reporting" is in a co-ordinated way at EU and international level.

Pearse Doherty (Donegal South West, Sinn Fein)
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260. To ask the Minister for Finance if the Irish Government made information regarding the beneficial owners of companies including subsidiaries trusts and foundations available to the public or is the Government planning to do so before the end of 2013; and if he will make a statement on the matter. [32041/13]

Michael Noonan (Limerick City, Fine Gael)
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I assume that the Deputy's question relates to proposals for the 4th Money Laundering Directive published by the Commission on 5 February 2013. Article 29 of the Draft Directive provides as follows:

"Article 29

1. Member States shall ensure that corporate or legal entities established within their territory obtain and hold adequate, accurate and current information on their

beneficial ownership.

2. Member States shall ensure that the information referred to in paragraph 1 of this Article can be accessed in a timely manner by competent authorities and by obliged

entities."

Article 30 makes similar provisions in relation to Trusts and other legal arrangements. Neither Article requires information on beneficial ownership to be made available

to the public. The Commission's proposals are currently under discussion in an Expert Working Party of the European Council. The Deputy may be aware that the 3rd Money Laundering Directive requires financial institutions and other designated persons to identify any beneficial owner and take risk based and adequate measures to verify his identity so that the financial institution etc is satisfied that it knows who the beneficial owner is including, as regards legal persons, trusts and similar legal arrangements, taking risk based and adequate measures to understand the ownership and control structure of the customer. The 3rd Money Laundering Directive was transposed into Irish Law in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.