Fast-track law could create more secret hiding places for dirty money
Limited partnership structures are due a makeover, but obscure ownership structures, insufficient transparency requirements and evidence of international money laundering should sound the alarm
Minister of State at the Department of Finance Michael D’Arcy is preparing to bring a new bill before cabinet which, it is hoped, will result in the popularisation of revamped international investment fund vehicles in Ireland.
The Investment Limited Partnership Bill is an update of a 1994 act, bringing investment limited partnerships (ILPs) in line with ‘international best practice’ and ensuring Ireland remains ‘competitive’ with similar vehicles offered in the likes of Luxembourg and Britain.
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