Written answers

Tuesday, 8 April 2014

Photo of Clare DalyClare Daly (Dublin North, Socialist Party)
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23. To ask the Minister for Finance with respect to the revision of the EU anti-money laundering directive, if it remains Irish policy to resist this measure although it is believed that a public register of true or beneficial owners of companies, as contained in the directive, will stem the flow of illicit money around the world and help to defeat capital flight from the poorest nations in Africa, where some estimates of revenue losses to exploited nations are approximately twice the amount provided annually in aid; and if he will make a statement on the matter. [16178/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The proposed 4th Anti-Money Laundering Directive seeks to update the 3rdDirective to take account of the February 2012 revision of the international standards for anti-money laundering requirements the recommendations of the Financial Action Task Force (FATF).

This is a very important piece of legislation and we continue to support transparency across all financial services files. The proposed 4thAnti-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.

Ireland agrees that the need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. At EU level 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 agreed directive.

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