Corporate and M&A

New Rules on Beneficial Ownership: What you need to know

On 15 November 2016, far reaching provisions on the beneficial ownership of companies and other legal entities in Ireland came into force with immediate effect.

Previously, the identity of the beneficial owners of Irish companies and legal entities could remain largely private, but this is no longer the case.

Headline Points

  • The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities)
  • Regulations 2016 (Regulations) are now in force so immediate action is required from
  • directors and shareholders to ensure compliance.
  • Information on beneficial ownership must now be obtained, maintained and kept up to date.
  • Shareholders have obligations under the Regulations.
  • Details of beneficial ownership are not currently publicly available, but this may change in the future.

Read the entire article.

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