Commitments

15 Establish a Register of Beneficial Ownership

Country: Ireland
Action Plan: Ireland National Action Plan 2016-2018
IRM Report: Ireland End-of-Term Report 2016-2018
Year Action Plan: 2016
Start Date: 6/1/2016  |  End Date: NA

From the Action Plan

 
Establish a Register of Beneficial Ownership To hold information on the beneficial ownership of companies incorporated in Ireland. 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.

Lead Institution: Department of Finance


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

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From the IRM Review

 

Year IRM Progress Report Published: 2018

 

Year IRM End of Term Published: 2018


For commitment details, see https://www.opengovpartnership.org/sites/default/files/Ireland_End-Term_Report_2016-2018.pdf

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  Year 1 : No

  Year 2 : No

Overview

Design

Specificity

Not Reviewed
None
Low
Medium
High

Relevant to OGP values

Potential Impact

Not Reviewed
None
Unclear
Minor
Moderate
Transformative

Implementation

Completion at Midterm

Not Reviewed
Unclear
Not Started
Limited
Substantial
Complete

Completion at End of Term

Not Reviewed
Unclear
Not Started
Limited
Substantial
Complete

Results

Did it Open Government?

Worsened
Did Not Change
Minor
Major
Outstanding


Starred as of Midterm: No

Starred at End of Term: No

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