Ireland, in theory, has a remarkably transparent system for the open publication of company information, but that is set to change.
For once, it is due to change for the better as the Government is set to restrict the use of secrecy jurisdictions and review the ways companies obscure certain financial details.
It comes as part of a 30-part action plan which – alongside telling charities not to fund terrorists – outlines overarching measures aimed at fighting financial crime, money laundering and terrorist financing.
Financial crimes, Minister for Finance Simon Harris told reporters earlier in the week, are not “victimless crimes”.
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“Behind every fraud, scam and money laundering operation there are real victims – older people losing their savings, families being defrauded and communities harmed by criminal activity.”
He reiterated the point on TikTok soon after, but that appeared to be deleted some days later. The details of financial regulations were sadly missing dancing or choreography, so perhaps were not a hit with his Gen Z audience.
But they are a hit with Cantillon as the package of policy goals included measures aimed at cracking down on companies obscuring their ownership details in their filings to the Companies Registration Office.
One of these measures will be to institute some independent verification of information that is filed with the office.
Another will see limited partnerships be required to disclose their ultimate ownership party and a pledge to look at restricting the concealment of ownership details through “secrecy jurisdictions”.
The Department of Enterprise is also set to review the use of audit exemptions by companies in their filings.
Far too often, in trawling through the CRO, one encounters an impressive maze of legal entities designed to obscure the ownership of firms or handfuls of exemptions being used to obscure financial details.
These measures are great, not only for those who snoop around the CRO, such as journalists, but also in the interests of transparency in our financial system.
