Robert Dowds (Dublin Mid West, Labour)
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228. To ask the Minister for Jobs, Enterprise and Innovation if he will consider introducing legislation to create a public register of companies which would contain details on the identity of the true owners of each company operating in the State, as is set to be introduced in the UK; and if he will make a statement on the matter. [52940/13]

Richard Bruton (Dublin North Central, Fine Gael)
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The proposed 4th Anti-Money Laundering Directive seeks to update the 3rd Directive to take account of the February 2012 revision of the international standard for anti-money laundering requirements – the recommendations of the Financial Action Task Force (FATF). It includes proposals for the registration of the beneficial owners of companies and other entities.

The generality of the Proposal falls under the remit of my colleague the Minister for Finance. Following consultation with my Department I understand that, at European Council, Ireland had 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.

I understand that negotiations are continuing on the Directive at the Council of the EU and that the final provisions on beneficial ownership will only be agreed as part of the overall compromise. I understand also that the negotiations are proceeding with a view to agreement with the European Parliament before the end of its current term of May 2014.