Since the publication of our Client Alert dated 16 May 2017, the Companies Registration Office (CRO) has published revised information regarding: (1) the timelines for the launch of the central beneficial ownership register for companies and industrial and provident societies (I&Ps) (Central Register); and (2) the time frame for companies and I&Ps to make relevant beneficial ownership filings on the Central Register.

On 31 May 2017 the CRO advised that while legal and technical work to launch the Central Register is at an advanced stage, further proposals to amend the EU Fourth Anti Money Laundering Directive (4AMLD) by way of the EU Fifth Anti Money Laundering Directive (5AMLD) have resulted in the original 4AMLD transposition date of 26 June 2017 being no longer achievable. The CRO noted that in order to ensure that the Central Register is established quickly after 5AMLD comes into force, the Department of Finance has indicated that development work on the Central Register shall continue under the following revised timelines:

  • The Central Register is now expected to be launched in Q4 2017;
  • More definite information will be provided in early September; and
  • There will be an extended time-frame (minimum 3 months) for companies and I&Ps to make their beneficial ownership filings which will commence after the expected Q4 launch of the Central Register.