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Overview of new regulation on beneficial ownership - European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016

Posted 19/11/2016

Overview of new regulation on beneficial ownership - European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016

 

Enclosed below is a link to statutory instrument No. 560 of 2016 entitled ‘European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016’. This statutory instrument requires corporate and other legal entities incorporated within this State to hold adequate, accurate and current information on their beneficial ownership, including details of the beneficial interests held. It has a commencement date of 15 November 2016. A background note providing more details on the SI is also attached for information.

The statutory instrument transposes the first sub-paragraph of Article 30(1) of the Fourth Anti-Money Laundering Directive (4AMLD). The rationale for transposing this provision in advance of the rest of the 4AMLD is that in order for the central register of beneficial ownership (required by Article 33(3) of 4AMLD) to be effective from as early a date as possible after full transposition, corporate entities will need to initially gather the necessary beneficial ownership data and to record same in their own corporate beneficial ownership registers.

Work has commenced on putting in place a central register of beneficial ownership, but such a register is unlikely to be in place until the middle of next year. Any queries in relation to the statutory instrument can be sent to the following email address aml@finance.gov.ie

http://www.finance.gov.ie/publications/legislation/statutory-instruments/si-560-2016-european-union-anti-money-laundering

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