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Report: Ireland's central bank rejects extra work in fight against dirty money

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Report: Ireland's central bank rejects extra work in fight against dirty money

The Central Bank of Ireland does not want to take on additional responsibilities as part of the government's efforts to combat money laundering, The Sunday Times reported, citing the minutes of an Oct. 22 meeting of the regulator's governing commission.

The extra work includes gathering information on non-corporate entities and identifying in a separate register the beneficial owners of all bank accounts and safety deposit boxes in Ireland.

According to the minutes, the central bank said "responsibility for these registers might be more appropriately assigned elsewhere" and that there were various implementation challenges.

The central bank also told The Sunday Times that the transfer of extra workload will help save a significant amount of resources at the institution and avoid differences in the operation of separate registers. It reportedly intends to use a tactical solution if current efforts to persuade the government fail, with a longer term solution to be adopted in due course, according to the Jan. 5 report.

Ireland is establishing a register of beneficial ownership that collects details of the ownership of corporate entities and provident societies in the country, in line with the EU's fourth anti-money laundering directive, or MLD4.