Tánaiste calls for accessible register of company owners

A central register holding the names of those who own companies and properties should be publicly accessible in all bar a few cases, Tánaiste and Minister for Justice Frances Fitzgerald has said.

“There should be a good reason not to move in that direction,” said the Minister, who was speaking on the margins of a a global anti-corruption summit in London.

There, she committed to establishing a central register of beneficial ownership which could be accessed by law enforcement agencies – a proposal pushed by British prime minister David Cameron.

Hosting the summit, Mr Cameron has promised to make Britain's register publicly accessible and a committee in the Department of Finance is considering if Ireland should follow suit.

Registers

France

,

Kenya

, the

Netherlands

,

Nigeria

and

Afghanistan

have also announced that their registers will be public. “I certainly think we need at this point to be exploring all the issues around it. There should be a good reason not to move in that direction, if you know what I mean,” said Ms Fitzgerald.

The Tánaiste will introduce a new anti-corruption Bill in the Dáil during the current term, aimed at consolidating anti-corruption legislation and strengthening laws banning the payment of bribes in foreign countries. She said Ireland was determined to play its part in the international effort to combat the corruption which is further impoverishing some of the poorest countries on earth.

Abuse of power

“A lack of good governance, the absence of efficient and accountable institutions, the lack of transparency – all these lead to economic underperformance, expose states to corruption and abuses of power and generate security risks at national and regional level. Ireland will work with its partners to promote good governance and a culture of zero tolerance for all corrupt practices. Events like this are an important opportunity to take stock of the global efforts being made and to reaffirm and reinvigorate our response,” she said.

Representatives of some of Britain's crown dependencies, which have come under the spotlight since the Panama Papers exposed the use of tax avoidance vehicles based in tax havens, complained of double standards at the summit.

The Cayman Islands president, Alden McClaughlin, said that, while small territories such as his were being told to introduce much tougher standards, nobody was taking steps against the US state of Delaware, which is home to tens of thousands of shell companies.

The Tánaiste said that Irish citizens identified in the Panama Papers as using tax havens should consider the good of the country as well as whether such tax avoidance stratagems are legal.