Pearse Doherty (Donegal, Sinn Fein)
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95. To ask the Minister for Finance the number of submissions made in respect of the 4th European Union Anti-Money Laundering Directive and Funds Transfer Regulation - Public Consultation on Member State Discretions, the number which were in favour of a fully public register of beneficial owners, the number which were opposed to this; and if he will make a statement on the matter. [6484/16]

Michael Noonan (Limerick City, Fine Gael)
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The Department received nineteen submissions in response to the 4th European Union Anti-Money Laundering Directive and Funds Transfer Regulation - Public Consultation on Member State Discretions.

Of these, there are two submissions that favour full public access to the register of beneficial ownership of corporate and other legal entities. These two submissions support the creation of an appropriate protection regime to allow for certain restrictions to the access to the information where such access would expose the beneficial owner to potential risk of intimidation and other harms as outlined in article 30(9).   

There are eight submissions that do not support full public access to the register of beneficial ownership of corporate and other legal entities. Most of these submissions suggest access be limited to only those listed in article 30(5) ac, namely competent authorities and FIUs, obliged entities for the purpose of customer due diligence, and any person or organisation that can demonstrate a legitimate interest.

There are a further two submissions that are not clearly advocating for or against full public access to the register of beneficial ownership of corporate and other legal entities and there are 7 submissions that make no comment on the matter.

As per article 30(5), the Directive is clear that access to information on the beneficial ownership of corporate and other legal entities must be in accordance with data protection rules and may be subject to online registration and to the payment of a fee.

In relation to article 31, the Directive outlines a different level of access to the register of beneficial ownership of trusts that generate tax consequences. In article 31, Member States must ensure timely and unrestricted access by competent authorities and FIUs but Member States can decide whether to allow access to obliged entities for the purpose of customer due diligence.

My officials will continue to consider the submissions along with other relevant Departments and agencies in relation to the transposition of the 4th European Union Anti-Money Laundering Directive and Funds Transfer Regulation.