New measures set to target money laundering
Detailed summary
The Tánaiste Simon Harris has announced new measures to improve transparency around beneficial ownership and to strengthen the anti-money laundering regime in Ireland.
The Tánaiste Simon Harris has announced new measures to improve transparency around beneficial ownership and to strengthen the anti-money laundering regime in Ireland.
A beneficial owner is the real person or people who own or control a company or legal entity, even if it's registered under another name, broker or company structure.
The measures are aimed at helping people with a legitimate interest, including journalists and civil society academics, to find out who is behind companies, trusts and certain financial vehicles.
Under the new criteria those who can demonstrate an eligible interest may apply for access to specified information held on Ireland's beneficial ownership register.
The new legitimate-interest arrangements implement relevant provisions of the EU’s Sixth Anti-Money Laundering Directive.
The government said the arrangements are part of a wider drive to prevent money laundering and terrorist financing, as well as protecting the integrity of the country's financial system.
Announcing the changes, the Tánaiste and Minister for Finance said that government, law enforcement, regulators and the private sector all have a role to play.
"Money laundering is not a victimless crime. The money being hidden and moved through our financial system can be the proceeds of drug trafficking, fraud, human trafficking and other serious criminal activity. Following the money is therefore essential if we are to disrupt the criminals behind it," said Mr Harris.
"Criminal networks should not be able to hide behind a maze of companies, trusts or other legal structures. We need to be able to identify the individuals who ultimately own or control these entities, and those who stand to benefit from them," he added.
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