Interesting insights by Brian Walker about the New Companies Act 2017 that has been signed into law in Ireland this month.
A number of significant changes are being implemented by the Act and company directors need to pay attention to them:
- The amount of information companies have to file at the Companies Registration Office has been greatly reduced
- From 1st June 2017, companies have to file all returns, change of details and accounts electronically. Currently, only 10% of companies in Ireland submit their accounts using this method
- Terrorism-related crime is being targeted through an EU anti-money-laundering directive that has been operational since November 2016. Companies are required to keep records which have been registered in a new central registry. If a company does not comply with this request, they will be supervised by the National Bureau of Fraud Investigation in An Garda Siochana
The last requirement sounds frightening, and questions are being raised as to how the Garda fraud squad will manage the policing of the directive. However, these are the orders from the EU and all member states are expected to meet them.
It is envisioned that eventually all central registries will be connected with police forces throughout the continent to help reduce money laundering activities.
Companies will need to show their compliance with all aspects of the New Companies Act 2017 to ensure their corporate governance requirements are met.
CPD Seminars is conducting a half-day practical workshop for company directors and other business professionals who need to implement the requirements of the New Companies Act 2017 in their businesses.