Michael McGrath (Cork South Central, Fianna Fail)
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68. To ask the Minister for Finance regarding implementation of the European Union’s 4th anti-money laundering directive, the steps and timing he envisages for establishing a register of beneficial ownership of companies and trusts; the Department or other agency that will host and manage the register; if that register will be in the public domain, enhancing transparency and corporate accountability; and if he will make a statement on the matter. [26780/15]

Michael McGrath (Cork South Central, Fianna Fail)
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69. To ask the Minister for Finance further to Parliamentary Question No. 23 of 8 April 2014, if he will confirm Ireland’s support for transparency across all financial services files by establishing, as fully public, the required register of true or beneficial owners of companies and trusts under the European Union’s 4th anti-money laundering directive; and if he will make a statement on the matter. [26781/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 68 and 69 together.

The 4th Anti-Money Laundering Directive which was agreed on the  20th May 2015 covers a number of policy areas which come under the responsibility of a range of Departments and Offices. Transposition is due by the 26 June 2017.  The issue of beneficial ownership of companies falls under the remit of the Department of Jobs, Enterprise and Innovation.

Arising from consultation with the relevant Departments and Offices, Ireland's position during the negotiation of the Directive was to support the view that beneficial ownership should be known. 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.

Under the 4th Anti-Money Laundering Directive  we are required to introduce a range of measures around beneficial ownership, such as ensuring that beneficial ownership information is held in a central register.  These issues will be addressed in the transposition process. Decisions on the Department or other agency that will host and manage a register and on whether that register will be in the public domain have not yet been finalised.