08/03/22

IRELAND: Jurisdiction must make corporate information more accessible if it is serious about stopping flow of dirty money, says anti-corruption group.

As published on irishmirror.ie, Tuesday 8 March, 2022.

Transparency International Ireland said this country must make corporate information more accessible if it is serious about stopping the flow of dirty money through the Irish economy here.

It has also called for an end to the practice of using legal trustees to disguise the ultimate beneficial ownership of companies in the statutory Central Register of Beneficial Ownership (CRBO).

Since 2016, businesses in Ireland have been obliged to maintain an internal register of beneficial ownership.

John Devitt, the Chief Executive of Transparency International Ireland, said: “The invasion of Ukraine is a brazen attempt to consolidate power, crush political opposition regionally, and to divert domestic attention away from appalling abuses by a kleptocratic authoritarian regime in Russia.

“As such, it is a direct consequence of systemic corruption and evidence suggests that much of the proceeds of that corruption are being laundered through Ireland.”

A ‘beneficial owner’ is someone who ultimately owns or controls a legal entity, either through direct or indirect ownership of at least 25% of the voting rights or shares or ownership interest in the entity.

Under regulations since June 2019 beneficial ownership information needs to be disclosed for inclusion on Ireland’s new Central Register of Beneficial Ownership (CRBO).