Robert Troy (Longford-Westmeath, Fianna Fail)
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256. To ask the Minister for Jobs, Enterprise and Innovation a breakdown (details supplied) of companies that filed with the new Register of Beneficial Ownership that is overseen by the Companies Registration Office by 22 November 2019; if she will consider extending the filing deadline to the end of the calendar year in view of the fact that the register was due to go live on 22 June 2019 but the CRO was unable to accept filings until 29 July 2019 due to technical reasons; and if provision will be made for SMEs that have had to meet this additional administrative burden. [48930/19]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The objectives of the beneficial ownership provisions being implemented are to strengthen transparency over who ultimately owns and controls companies and trusts to effectively detect, disrupt and prevent money laundering and terrorist financing.

The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (S.I. No. 110 of 2019) were made by the Minister for Finance and provide that the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) is the central repository of such information held by companies and industrial and provident societies. While the CRO homepage provides a link to the RBO, the RBO is a separate website and a statutorily separate Register from the Companies Registration Office. Obligations under S.I. No. 110 of 2019 on anti-money laundering and terrorist financing are legally separate to company law requirements under the Companies Act 2014.

The numbers filing increased steadily throughout last week as the deadline of November 22 approached. As of November 22 2019 126,060 companies had successfully registered beneficial ownership details. This represents 55% of the total. There are many thousands of submissions currently at processing stage and the RBO expect the numbers registered to increase further. Further breakdown by size of company is not available at this time. The focus of the RBO staff is on processing the many thousands of submissions already received.

While I am sympathetic to the challenges being faced by small and micro enterprises in meeting their filing obligations, companies and industrial and provident societies have been legally obligated to be in possession of much of the information required for central filing since November 2016. The RBO was very concerned to ensure that relevant entities were aware of their obligations to file with the Register and undertook an extensive Public Awareness Campaign, in the period leading up to and around the opening of the Register on 29 July and in the period leading up to and around the deadline date.

Due to technical difficulties with the RBO portal on the evening of November 22, I understand some companies and industrial and provident societies may have been unable to file Beneficial Ownership details for a period of time. Any submissions filed with the RBO by midnight on November 25 will be treated by the RBO as having been received on time.

With regard to companies and industrial and provident societies that have missed the deadline for filing, I expect a practical and proportionate approach will be taken by the Registrar on a case by case basis to deal with those particular circumstances where companies and industrial and provident societies who have attempted to file in time with the RBO may have missed the deadline.

Robert Troy (Longford-Westmeath, Fianna Fail)
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257. To ask the Minister for Jobs, Enterprise and Innovation if her Department has lead responsibility for overseeing the operation of the new Register of Beneficial Ownership; and the meetings she has had to date in 2019 with the Minister for Finance on appointing the new registrar and meeting the requirements of S. I. No.110 of 2019. [48931/19]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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While S.I. No. 110 of 2019 was made by the Minister for Finance, Regulation 18 provides that the Minister for Business, Enterprise and Innovation may, after consultation with the Minister for Finance, appoint a Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies.  Under Regulation 19, the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies shall be maintained by the Registrar and for the purposes of registration in the central register the Minister for Business, Enterprise and Innovation shall maintain and administer an office or offices in the State at such places as the Minister thinks fit.

On 11 July 2019 I wrote to the Minister for Finance notifying him of my intention to appoint a Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies, subject to any observations he may have.  On 16 July 2019 the Minister for Finance provided written response, noting my intention and that he had no further observations to make in this regard.

Officials from my Department have and continue to communicate with officials from the Department of Finance to discuss the operation of the RBO and meeting the requirements of S.I. No. 110 of 2019.  Communication takes place in several ways including e-mail, by telephone and by way of both formal and informal face to face meetings.