Derek Nolan (Galway West, Labour)
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85. To ask the Minister for Finance in the context of the EU anti-money laundering directive being discussed at EU level at present, his position on the introduction of a public register of beneficial owners of companies; his views that a fully public register would be beneficial in achieving transparency in international finance and taxation; and if he will make a statement on the matter. [51867/13]

Derek Nolan (Galway West, Labour)
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86. To ask the Minister for Finance his views that many international money launderers and tax evaders benefit from the fact that the true owners of international companies can often be hidden under notional owners and-or lawyers; Ireland's position regarding same; and if he will make a statement on the matter. [51868/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 85 and 86 together.

The proposed 4th Anti-Money Laundering Directive seeks to update the 3rd Directive to take account of the February 2012 revision of the international standards for anti-money laundering requirements – the recommendations of the FATF (Financial Action Task Force).

This is a very important piece of legislation and we continue to support transparency across all financial services files. The proposed 4th Anti-Money Laundering Directive covers a number of policy areas which come under the responsibility of a number of different Departments and the issue of beneficial ownership of companies falls under the remit of the Department of Jobs, Enterprise and Innovation.

Having consulted with the Minister for Jobs, Enterprise and Innovation, the national position is that Ireland supports the idea that beneficial ownership should be known, in fact there are already provisions in place which allow for enforcement authorities and other shareholders to identify beneficial owners of companies when required.

At European Council Ireland has supported the Presidency approach which would require that Member States ensure that the beneficial ownership information on companies incorporated within their territory is held in a specified location, for example, in one or more registries, or by means of other suitable mechanisms.

However, negotiations are continuing on this directive at the Council of the EU and the final provisions on beneficial ownership will only be agreed as part of the overall compromise. We continue to work to the objective of an agreement with the European Parliament before the end of its current term (May 2014).