Revised anti-money laundering and tax evasion rules in force from 1 January 2018
Revised rules obliging member states to give tax authorities access to data collected under anti-money laundering legislation took effect from 1 January 2018. These rules aim to give national tax authorities direct access to information on the beneficial owners of companies, trusts and other entities, as well as customer due diligence records of companies.
The revised rules include the creation of ultimate beneficial ownership registers and are reflected in the Directive on Administrative Cooperation (Directive 2011/16/EU) which was originally transposed into Irish legislation in 2013.