Govt Publishes Measures To Tackle White Collar Crime

The Government has unveiled a range of measures to tackle white collar crime in Ireland.

At the request of Taoiseach Varadkar, the Tánaiste and Minister for Business, Enterprise and Innovation, the Minister for Finance and the Minister for Justice and Equality have collaborated to agree a detailed package of measures and implementation timeframes, setting out 28 actions to tackle corporate, economic and regulatory offences.

Key actions include;

• Establishing the Office of the Director of Corporate Enforcement as an independent company law compliance and enforcement agency, with the ability to recruit and enlist expert staff

• Piloting a Joint Agency Task Force to tackle White Collar Crime.  The pilot will address payment fraud (including invoice redirection fraud and credit card fraud) – a criminal enterprise which is increasingly exploited by sophisticated criminal enterprises and which can have devastating effects on individuals and on businesses, resulting in closures of companies and job losses

• Enacting the Criminal Justice (Corruption Offences) Bill which includes legislative provision for recommendations arising from the Mahon Tribunal and will substantially advance meeting Ireland's obligations under a number of international anti-corruption instruments.  This major modernisation of corruption offences law will repeal and replace the seven previous Prevention of Corruption Acts 1889 to 2010

• Enacting the Criminal Procedure Bill, which will, among other things, streamline criminal procedures to enhance the efficiency of criminal trials

• Implementing the Markets in Financial Instruments Directive II (MiFID II) to improve the functioning of financial markets, making them more efficient, resilient and transparent and strengthen investor protection

• Evaluating the Protected Disclosures Act, to ensure that the legislation has been effective in line with its objectives; and to identify how it might be improved if necessary

• Ensuring this package of measures will be subject to regular scrutiny by Oireachtas to monitor the implementation and effectiveness of the measures

Taoiseach Leo Varadkar said the Government would changing its approach in the future through new laws and better enforcement.

"Like a lot of people, I am frustrated at our inability as a country to secure more convictions when it comes to corruption and white-collar crime," he said.

"Corruption and white-collar crime damage our economy, breed cynicism in our society and are a threat to our international reputation.

"So, we have looked at best practice around the world and will be changing our approach into the future through new laws and better enforcement. We cannot change the past but we can change things for the future. This is a whole of Government effort and a national priority for me as Taoiseach."

Minister Fitzgerald added: "While Ireland is internationally identified as a low risk economy and a secure place in which to do business, this Government recognises that, like every other jurisdiction, we must continue to respond to emerging challenges.

"That is why I am pleased to publish a suite of measures aimed at enhancing corporate governance, increasing transparency and strengthening Ireland's response to White Collar Crime."

(LM)