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

419. To ask the Minister for Justice and Equality her views on the website of a trust management company (details supplied) which advertises on the basis that it operates in a lightly regulated environment without the costs or inconveniences associated with an offshore jurisdiction. [11344/15]

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

437. To ask the Minister for Justice and Equality the number of trust or company service providers authorised by her Department; her views on the website of a company (details supplied) which advertises on the basis that it operates in a lightly regulated environment without the costs or inconveniences associated with an offshore jurisdiction. [11234/15]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 419 and 437 together.

I wish to inform the Deputy that a total of 298 entities are currently authorised to operate as Trust or Company Service Providers (TCSPs) under the provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended by the Criminal Justice Act 2013.

Authorisation to operate as a TCSP, which is granted by me in my role as 'State Competent Authority' under the above Acts, is in respect of money laundering controls only. It is the function of the State Competent Authority to ensure that entities such as TCSPs are compliant with anti-money laundering measures specified in legislation; this function is discharged through a compliance monitoring regime and the taking of measures that are reasonably necessary for the purpose of securing such compliance. To give effect to the role of the Competent Authority under the Act, the Anti-Money Laundering Compliance Unit was established in my Department on the enactment of the Act and Authorised Officers have been appointed under Section 72 of the Act. Authorised Officers have wide-ranging powers under the Act to determine the position with regard to the compliance standing of entities authorised to carry on business as TCSPs.

In the specific case referred to by the Deputy I can confirm that this entity was granted authorisation in 2012 for a period of 3 years with a request for a renewal of that authorisation currently pending. During that 3 year period the entity was subject to an inspection by an Authorised Officer of the Anti-Money Laundering Compliance Unit in my Department. The Officer was satisfied that the entity was fully compliant with the provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended by the Criminal Justice Act 2013.