Written answers

Tuesday, 23 September 2014

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

158. To ask the Minister for Finance the steps he will take to establish a publicly available register of beneficial owners of companies and trusts in Ireland, as distinct from supporting a system where beneficial ownership can be established; and if he will make a statement on the matter. [35267/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The requirement to obtain and hold information on beneficial ownership stems from the provisions of the proposed 4th Anti-Money Laundering Directive which seeks to update the 3rd Directive to take account of the February 2012 revision of the international standards for anti-money requirements the recommendations of the Financial Action Task Force (FATF).  A general council agreement was reached on this file on 18 June 2014 giving Council a mandate to commence negotiations with the European Parliament.

The proposed 4th Anti-Money Laundering Directive covers a number of policy areas which come under the responsibility of a range of Departments and Offices.  Arising from consultation with the relevant Departments and Offices, Ireland's position in the negotiations has been to support the view that beneficial ownership should be known. Under the current text Member States will be required to ensure the beneficial ownership information on corporate and other legal entities, and trusts is held in a specified location so that it can be accessed in a timely manner.  In fact there are already provisions in place which allow for enforcement authorities and other shareholders to identify beneficial owners of companies when required. Furthermore trusts are subject to robust reporting requirements under current taxation and anti-money laundering legislation.

The new Directive will inter alia require amendment of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and we await final agreement of the specific provisions in the text with the European Parliament before commencing with the cross-Departmental transposition work.

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

159. To ask the Minister for Finance if the fourth revision of the Anti-Money Laundering Directive will prevent him in any way from establishing a publicly available register of beneficial owners of companies and trusts here; and if he will make a statement on the matter. [35268/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

It should be noted that further negotiations need to take place between the EU parliament and the Council to finalise the text of the 4th Anti-Money Laundering Directive ("4AMLD").

The text as agreed by Council provides that beneficial ownership information be made available in specified circumstances.  Our position has always been in favour of greater transparancy in relation to beneficial ownership. I understand that there has been further debate on this issue in the Trilogue negotiations with Parliament.  Our transposition process will commence on completion of that process.

Comments

No comments

Log in or join to post a public comment.