What does Ireland lose if Russian money is thrown out of the IFSC?

D

Dave Vanian

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I've been reading reports of billions of Russian money being held via companies in the IFSC. No doubt some of this is honestly-earned money and some of it is not. Fintan O'Toole wrote a piece in the Irish Times today detailing the government's seeming reluctance to answer straight questions about this and he makes the point that it is something of a contradiction to be offering support to Ukranian people while simultaneously holding money on behalf of some of the Russian elite.

I'm curious as to what the real value of holding such money in the IFSC is to Ireland. Who benefits? The fund managers getting fees of a percentage of the funds under management? The legal folk getting fees for setting up structures? Should we be imposing sanctions?
 
Peanuts20 said:
Surely if sanctions apply, the money is frozen? It cant be "thrown" anywhere
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As far as I know, Russian money in Ireland is held by non-Russian companies and is therefore currently exempt from sanctions. Although there is a requirement under Anti-Money-Laundering rules to establish the beneficial owner of funds held in Ireland, it seems that nobody here has joined the dots in order to impose sanctions.
 
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