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TF Risks in Ireland: Understanding and Mitigating the Threat
As part of ongoing efforts to combat financial crime, Ireland has implemented measures to enhance transparency and reduce the risk of terrorism financing (TF) and money laundering (ML). This evolving document aims to provide a comprehensive overview of TF risks in Ireland, highlighting key developments, resources, and best practices for solicitors and legal professionals.
Register of Beneficial Owners
The Fourth and Fifth Money Laundering Directives require Member States to maintain registers recording the beneficial owners of companies and trusts. In Ireland, companies and trustees will be required to register information about their beneficial owners with the Companies Registration Office (CRO) and Revenue Commissioners (RC), respectively.
Solicitors’ Responsibilities
As legal professionals providing services to companies and trusts, solicitors have a critical role in ensuring compliance with TF/ML regulations. Ultimately, the requirement to gather and register beneficial ownership information rests with the entity (the trust or company) that solicitors serve. To facilitate this process, the Law Society has developed an interactive Infographic visualizing the incremental steps required to establish registers of beneficial ownership in Ireland.
Current Status
As of September 2019:
- Companies: The central/national register of beneficial owners of companies was established on July 29, 2019, and companies have until November 22, 2019, to comply.
- Trusts: A central/national register of beneficial owners of trusts has not yet been established, and trustees should maintain internal registers for the time being.
Submissions and Resources
The Law Society has made submissions during the transposition consultation period, including recommendations on draft regulations, access to the register of beneficial ownership of trusts, and updates on AML/TF developments. Relevant articles, bulletins, and gazette articles can be found in the “AML eZine” section.
Client Care Leaflet
The Law Society’s Client Care leaflet provides valuable guidance for solicitors when explaining their obligations under anti-money laundering legislation to clients.
Contact and Support
For assistance interpreting AML obligations or navigating best practice principles, practitioners can contact a member of the Policy Development team at aml@lawsociety.ie.
Next Update: [Insert Date]
Please check back regularly for updates on TF risks in Ireland, as well as new resources and guidance from the Law Society.