Commitment 15: Establish a Register of Beneficial Ownership

Commitment 15: Establish a Register of Beneficial Ownership

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To hold information on the beneficial ownership of companies incorporated in Ireland.

Objective: To strengthen transparency over who ultimately owns and controls companies and other legal entities, to effectively detect, disrupt and prevent money laundering and terrorist financing.

Status quo: Ireland is committed to implementing the Financial Action Task Force (FATF) Recommendations on transparency and beneficial ownership. Ireland is transposing the EU 4th Anti-Money Laundering Directive which requires Member States to create registers of beneficial ownership information of companies (article 30). The EU 4th Anti-Money Laundering Directive is currently being amended to greater enhance counter terrorist financing and transparency provisions which may have an impact on beneficial ownership registers.

Ambition: We will work to ensure that beneficial ownership information of companies can be used effectively to detect, disrupt and prevent money laundering and terrorist financing. We will work to ensure accurate and timely beneficial ownership information of companies is collected and available to those with a legitimate interest. This requires mechanisms to ensure law enforcement and other competent authorities, including tax authorities, have full and effective access to accurate and up to date information.

Lead implementing organisations: Department of Finance

Timeline: To be decided at EU level

Commitment 15:

Establish a Register of Beneficial Ownership

OGP values

Anti-Corruption

New or ongoing commitment

New

Lead implementation organisations

Department of Finance

Other actors involved - government

Department of Justice and Equality; Department of Jobs, Enterprise and Innovation; Companies Registration Office; Central Bank of Ireland

Verifiable and measurable milestones to fulfil the commitment

New or ongoing

Start date

End date

Establish central registers of beneficial ownership information of companies, put in place effective arrangements for reporting, sharing and exchanging this information and consider the feasibility of making it public.

New

December 2016

To be decided at EU level

Register is welcome but must be made public
Social Justice Ireland strongly supports the development of a Register of Beneficial Ownership but urges that it be made public. An estimated $1 trillion is lost from developing countries each...