In line with the EU’s anti-money laundering (AML) directives, beneficial ownership registers have now been introduced in many EU countries, including Ireland, which launched its Central Register of Beneficial Ownership (RBO) – logging the ultimate beneficial owners of Irish corporate entities – on 29 July 2019. But what does this mean for Irish businesses, in practice? Who is affected? What needs to be done, and by when? And what will happen if compliance isn’t achieved?
This is the question asked by many Irish residents who have worked in the UK in the past and have, as a result, preserved workplace pensions. Very often they have little idea as to the pension’s true worth, how the funds are invested and their options under ‘pension buy out’ and ‘pension freedom rules’. These concerns are particularly pertinent in the light of Brexit and sterling weakness.
A new relationship with the word failure is needed on the part of many business leaders – one that recognises its importance in creating the type of corporate culture necessary to remain relevant and competitive in the digital economy.
In February 2019, Mazars undertook a unique survey across a broad range of Irish organisations to provide an insight into the level of actual occupational fraud and abuse experienced in Ireland. Occupational fraud can be defined as the use of one’s workplace position to commit a wrongful act or criminal deception intended that results in financial or personal gain. As well as fraud, individuals have also exploited their position within a business for matters associated with conflicts of interest, bribery and data protection abuse, to name a few.
Fresh from the testing challenge of self-assembly furniture, Scott McInnes, founder of Inspiring Change, tells us about some hard-earned lessons that are applicable to business leadership.