Ireland tightens anti-money laundering rules with new beneficial ownership access
Tánaiste Simon Harris has unveiled new measures to boost transparency around who controls Irish companies. The changes implement the EU's Sixth Anti-Money Laundering Directive.
Harris announces stricter access to company ownership register
Ireland is introducing new rules to make it harder for criminal networks to conceal illicit funds behind layers of corporate structures, RTÉ News reports. Tánaiste and Minister for Finance Simon Harris announced the measures, which are aimed at strengthening the country's anti-money laundering regime and improving transparency around beneficial ownership.
A beneficial owner is the real individual — or individuals — who ultimately own or control a company or legal entity, even where that entity is registered under a different name, broker or corporate structure.
Under the new framework, those who can demonstrate an eligible interest may apply for access to specified information held on Ireland's beneficial ownership register. The eligible group includes journalists, civil society researchers and academics with a legitimate need to identify who stands behind companies, trusts and certain financial vehicles.
The arrangements implement relevant provisions of the EU's Sixth Anti-Money Laundering Directive, and form part of a broader government drive to prevent money laundering and terrorist financing while protecting the integrity of Ireland's financial system.
Harris said the problem extends well beyond financial regulation. "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," he said.
He added that transparency around ownership structures is central to tackling organised crime. "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."
Access to the register will not be unrestricted. Applicants must meet specific eligibility requirements before any information is released. To apply, candidates must approach the relevant registrar, identify the company, trust or legal arrangement in question, and submit supporting evidence demonstrating their legitimate interest.
The registrar will then assess each application individually and determine whether the statutory conditions for access have been met. Safeguards to protect personal data will remain in place throughout the process.
The government said law enforcement, regulators and the private sector all have a role to play alongside the state in disrupting money laundering activity.
Source: RTÉ News