Michael McGrath (Cork South Central, Fianna Fail)
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305. To ask the Minister for Jobs, Enterprise and Innovation if he has plans, through the Companies Bill 2013, to ensure the mandatory disclosure of the beneficial ownership of each incorporated entity here; and if he will make a statement on the matter. [50264/13]

Richard Bruton (Dublin North Central, Fine Gael)
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Neither the Companies Bill 2012 nor the Companies (Miscellaneous Provisions) Bill 2013 include provisions on mandatory disclosure of beneficial ownership of Irish companies. There are developments elsewhere on this issue. Firstly, in February 2013, the European Commission adopted a Proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing. That Proposal contains provisions regarding the disclosure of beneficial ownership and the Minister for Finance is taking the lead on the Irish position. Moreover, the Lough Erne Declaration of the G8, adopted last June, is expected to lead to concrete proposals in due course.

In the meantime, section 67 of the Companies Bill 2012 (as initiated) was amended at Committee Stage [Dáil] to expressly prohibit private companies from issuing bearer shares i.e. shares that do not have registered owners as ownership is based on physical possession of the share certificate.