15 May 2025
Together with Transparency International (TI) colleagues in different European countries, at the EU institutions and in the TI Secretariat, TI Ireland has over recent months been working to assess the current state of asset ownership transparency, and how this affects the fight against cross-border corruption and money laundering across the EU. TI has examined asset and beneficial ownership registers in nine EU member states – France, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Slovenia, Spain – examining what exists, what’s missing, and how useful this data is for investigators.
TI’s analysis, From real estate to yachts: what do we know about assets across the EU?, reveals the extent of asset ownership transparency in participating countries – and what must change to disrupt the pathways used to hide illicit wealth. Key findings include:
- The EU’s latest anti-money laundering (AML) package represents a major step forward – but effective national implementation will be essential to close key loopholes
- In most countries, foreign companies can still purchase high-value assets like real estate, cars, yachts and private jets without disclosing the real owner
- Similarly, in most of the assessed countries, crypto asset accounts are not currently required to report their owners to public authorities
- None of the assessed countries mandate comprehensive disclosure of all end-investors in collective investment undertakings
In Ireland’s case, though the government has improved ownership transparency in several areas, some long-standing and persistent gaps remain, in particular:
- The continued lack of transparency around limited partnerships (LPs) – including the lack of any obligation to register their beneficial owners – remains a significant cause for concern, years after journalists revealed the suspected use of Irish LPs for illicit purposes
- The antiquated and fragmented system of ship registration in Ireland – despite legislation being passed 11 years ago to create a modern national ship register – produces vulnerabilities both in terms of money laundering and national security
- The significant size and rapid growth in investment fund assets in Ireland – including alternative investment funds – creates an urgent need to enhance transparency and close AML gaps around all investment vehicles, including Special Purpose Entities (SPEs)
TI Ireland will continue to work collaboratively with partners across government, law enforcement and civil society on these and other weak links to ensure that Ireland cannot be a safe haven for illicit financial flows.
This analysis was conducted as part of the Strengthened Enforcement Capacities of Public Authorities (‘STEP-EU’) project, which is implemented by Transparency International and funded by the European Commission via the EU’s Internal Security Fund.