Authorisation of Providers The money laundering legislation provides for the authorisation and registration procedure for persons carrying on the business of a Trust and Company Service Provider, who are not already regulated as members of a designated accountancy body, and who are not a barrister or solicitor, or a credit institution or financial institution. The 3rd Money Laundering Directive provides that trust and company service […]
Information to Authorities A trustee of a trust shall provide any member of the Garda Síochána, the Revenue Commissioners, a regulator or the Criminal Assets Bureau with timely access, on request, to the trust’s beneficial ownership register. They may disclose the information in a beneficial ownership register to any corresponding regulator of another Member State in the event of there being a request made of […]
Trusts Covered The regulations in relation to registers of beneficial ownership and registration of trusts apply to any trust whatsoever established by deed or other declaration in writing and any other arrangement or class of arrangements as may be prescribed. The following trusts and schemes which arise under tax legislation are excluded an occupational pension scheme that is an approved scheme an approved retirement fund […]
Obligation to File in Central Register There are obligations to register the trust in a central register maintained online through a portal maintained by the Revenue Commissioners. Where a trust is administered in more than one Member State or 2 or more of the trustees of a trust reside in different Member States, then in certain circumstances, a certificate that the registration has taken place […]
Unrestricted Access Unrestricted access to beneficial ownership information in the central register The following shall have the right to inspect the central register: a member of the Garda Síochána, not below the rank of inspector; a member of FIU Ireland an officer of the Revenue Commissioners (who is not the Registrar or an assistant registrar), holding a rank not below that of Higher Executive Officer; […]
Companies Offences A company that fails to comply with the beneficial shareholder registration obligations commits an offence and shall be liable on summary conviction, to a class A fine, or on conviction on indictment, to a fine not exceeding €500,000. If the contravention in respect of which a company is convicted of an offence is continued after the conviction, the company shall be guilty of […]
Obligation to Compile Register There is an obligation to compile and maintain a register of beneficial ownership in shares. It applies to “company”, which means any corporate or other legal entity incorporated in the State and includes a company. The obligation does not apply to companies listed on a regulated market that is subject to disclosure requirements consistent with the law of the European Union […]
Obligation to File in Central Register An obligation imposed on a company to deliver information to the Registrar may be discharged by a person who is not an officer or employee of it, acting on the company’s behalf. A company that is in existence before the commencement of the regulations shall deliver the information specified to the Registrar within 5 months from such commencement. A […]
Unrestricted Access The following shall have the right to inspect the central register – a member of the Garda Siochana, not below the rank of inspector, who is engaged in the prevention, detection or investigation of possible money laundering or terrorist financing, a member of FIU Ireland within the meaning of Part 4 of the Act of 2010, an officer of the Revenue Commissioners, holding […]