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Central Bank opens new Beneficial Ownership Register
Updated / Monday, 1 Feb 2021
13:00
The new register was established by the Central Bank on foot of EU anti-money laundering and counter-terrorism directives
Economics Correspondent
The Central Bank has opened its Beneficial Ownership Register to make available information on the owners of certain types of investments and funds.
The Register was established on foot of EU anti-money laundering and counter-terrorism directives.
Its purpose is to deter money laundering and terrorist financing by preventing the ultimate identity owners of certain funds from being revealed.
The funds covered are Irish Collective Asset-Management Vehicles (ICAV s), Unit Trusts and Credit Unions.
3,000 jobs in pipeline due to new finance law Independent.ie 18/12/2020 John Mulligan
An extra 3,000 jobs could be created in Ireland’s fund industry by 2025 after a new financial services bill comes into law, it has been predicted.
Irish Funds, which represents 140 members with $4.9 trillion (€4 trillion) of funds under their umbrella, said the new legislation could attract up to €20bn a year in global private capital to Ireland.
The Investment Limited Partnerships (Amendment) Bill, which has just been passed in the Dáil, should enable companies here to expand their private equity, infrastructure, renewables and property finance offerings.
“This is game-changing in terms of Ireland’s global competitiveness and will enable and drive new business and opportunities, as well as retain business which has previously been lost overseas,” said Pat Lardner, the chief executive of Irish Funds.