Gerald Nash (Louth, Labour)
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337. To ask the Minister for Finance the steps Ireland will take to ensure it meets fully the recommendation for public registers of the ultimate beneficial ownership of each type of legal entity that it permits to be established, with the information fully verified as outlined in the report of the UN High-Level Panel on International Financial Accountability, Transparency and Integrity; and if he will make a statement on the matter. [16866/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As a long-term member of the international Financial Action Task Force (FATF) and an EU Member State, Ireland adheres to the highest global standards of Anti-money Laundering/Combating Terrorist Financing and fully supports any measures to combat such activities.

The latest FATF Mutual Evaluation Review of Ireland, in relation to the technical compliance and effectiveness of our AML/CFT measures, was conducted in 2017 and found that “Ireland has a sound and substantially effective regime to tackle money laundering and terrorist financing". In addition, the Department of Finance chairs the Government's Anti-money Laundering Steering Committee, membership of which is drawn from throughout multiple Government departments, agencies and public bodies, such as An Garda Siochana, the CAB and the DPP and through which the Department is coordinating the execution of an Action Plan to further enhance Ireland's AML/CFT framework in accordance with the recommendations arising from the FATF review.

I note the recommendations on beneficial ownership outlined in the report of the UN High-Level Panel on International Financial Accountability, Transparency and Integrity and observe that they largely mirror recommendations outlined in the UN sustainable development goals, FATF recommendations and the various EU Directives. Pursuant to the 4th and 5th EU Anti-money Laundering Directives, central beneficial ownership registers relating to companies and other financial vehicles have already been established. Central Registers of the beneficial ownership of trusts and and bank accounts are in the process of being established, via a combination of primary legislation included in the recent Criminal Justice Act which was signed by the President on 18 March this year; and secondary legislation which is currently being drafted. The Act also includes legislation to establish a requirement for virtual asset service providers to register with the Central Bank of Ireland, for AML supervision purposes.