Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
IRELAND’S CORPORATE WATCHDOG is about to be overhauled in an effort to make it more effective in pursuing white-collar crime.
The government today announced a range of measures it is planning to take in an effort to combat corporate wrongdoing.
Among the most eye-catching is a pledge to revamp the Office of the Director of Corporate Enforcement (ODCE), which came in for harsh criticism after the collapse of the case against former Anglo Irish Bank chairman Sean FitzPatrick.
It was found that the ODCE staff had destroyed evidence and coached witnesses during its investigation. Jobs Minister Frances Fitzgerald, who was formerly justice minister, said that the ODCE was “not fit for purpose” after the case fell apart.
Tánaiste Frances Fitzgerald there are ongoing discussions with the Attorney General about the review into the ODCE and its role in the FitzPatrick trial.
As part of the overhaul, the ODCE will be made an independent agency rather than a state agency with the aim of giving the organisation more autonomy and flexibility in how it operates.
The government also promised that the body will be better able to recruit expert workers. This has long proved an issue for the ODCE, which was recently said to be suffering from “dangerously low staffing levels”.
The changes to the ODCE will need legislation in order to ”facilitate a transition to a more adaptable and specialised company law enforcement entity with responsibility for company law enforcement”, a government report said.
The minister said the new agency announced today will be similar to that of the Revenue and the Consumer Protection Agency, stating that there were will be a chief commissioner and two other commissioner heading up the new body.
Under the Companies Act 2014, the agency already has a number of powers, said the minister, though she said the government would not rule out beefing up their powers if that is needed.
“You have to stay very alert with changes in this area, and keep up with international best practice,” she added.
Payments fraud
As well as the ODCE change, a new agency task force will be established to address payment fraud, such as credit card fraud, which is being increasingly carried out by sophisticated criminal enterprises.
The new task force will operate for six months and its findings will feed into a Department of Justice review of anti-fraud and anti-corruption structures and procedures.
Other measures that were announced include new laws that will make it easier to prosecute insider trading, rules to targets lobbyists who may attempt to bribe influential figures and a crackdown on money laundering.
Justice Minister Charlie Flanagan said will incorporate some of the recommendations following the Mahon Tribunal, with new laws clamping down on bribes and “kick backs” with penalties of up to 10 years in prison, and unlimited fines.
Other legislative changes in the Criminal Procedures Bill will allow for pre-jury trial hearings, and reduce the timeframe for white-collar crime cases.
He said juries are given a whole raft of complex evidence in the forms of transcripts, graphs, recordings, account summaries in a more accessible format which he said will ensure that jurors have a better understanding of complicated corporate cases brought to trial.
Ireland is also signing up to a common reporting system, whereby if someone is attempting to hide a particular asset in another country in order to avoid their tax liability, the Revenue will automatically be permitted to share information with other tax authorities in other countries.
Despite the ministers stating that a whole of government approach was being taken against white collar crime, there was no mention of a new anti-corruption agency being established.
The idea, first put forward by the Social Democrats, was mooted during the Fine Gael leadership contest when Simon Coveney suggested a new anti-corruption agency could be set up, which would also probe politicians and judges.
He said officials would be prosecuted if found guilty of corruption or misuse of power in office and civil servants would also be answerable to such an agency.
Varadkar pushed aside such an idea, stating that there was a dedicated section in this area in the ODCE and the garda fraud bureau.
The soon to be Taoiseach said at the time that there was “enormous and understandable anger” among citizens on the white collar crime issue , adding: “We need to see white collar crime in Ireland treated in the same way as the United States.”
Varadkar has also criticised the performance of the ODCE, stating:
“I don’t think they are performing to the level we would expect” and joked if criminals Do confess they only speak “to priests, not to the authorities.”
He added that he is “frustrated at our inability as a country to secure more convictions when it comes to corruption and white-collar crime”.
“Corruption and white-collar crime damage our economy, breed cynicism in our society and are a threat to our international reputation.”
With reporting by Christina Finn. Written by Paul O’Donoghue and posted on Fora.ie
To embed this post, copy the code below on your site
It’s good that it’s happening but it’s not good enough that the head of Anglo has walked away scot free. It is just not acceptable.
@Jane: Come on now Jane. Ibrahi…. sorry, the head of Anglo was found innocent. Let’s just let him get on with his life. Hoping to see him on the late late next week.
@Unpersoned: that’s you banned again.
@Jane: It was totally worth it. Goodbyyyyyyyyyyyyeeeeee
@Unpersoned: I’m still laughing at your t&c joke last night.
@Jane: I’m glad :-)
@Unpersoned: do you enjoy watching fraudsters on tv? Fitzpatrick should be in jail for what he did,
@Murf: Swoooosh
@Jane: Not just the head of Anglo but so did directors not to mention David Drum who was called home to ‘hang out with the boys’
What about Fingers Fingleton, the two defunct banks cost the taxpayer €35bn.
This is too little too late and might be up and running for the next crash.
@Jane: TII This Is Ireland. No one is accountable. No One!
@Jane: Fitzpatrick knew TOO much about too many in high places.He was a cert to get off on some sort of a fu#k up.Big people were scared shitless he’ed spill the beans on them.That’s Ireland for you.
@Gareth Cooney: wasn’t that shyster Fingleton supposed to hand back €1,000,000 ?
@Gareth Cooney: poor David Drumm…………………
@Gareth Cooney: thanks for reminding me, I must send a christmas to drumm and fingers, wishing them a safe and prosperous seany…. season of goodwill.
After the horse has well and truly bolted. Well done lads and getting away with it. This should’ve been implemented 10 years ago. The politicians have finally been persuaded and pushed into it and it still doesn’t go far enough. Great little country
Can we have all the Salaries and Pensions taken back from those whom worked in the ‘Not fit for purpose’ organization!
@Polly Dolan: Even now it still doesn’t go far enough. Where’s the accountability for the likes of auditors signing off on accounts that don’t stand up to scrutiny? Not a bit of it… After Anglo, Ernst and Young just rebranded to EY and… Poof… That was that!
If l steal €100k at gunpoint l get jail. If l do it minus the gun in corporate lreland l get a promotion.
@siobhan pat mulcahy: and a golden handshake and a massive taxpayer funded pension.
Nothing this government has set up has been effective, its not meant to.all PR for FG.
Sure they are. If you believe that I’ve a bag of magic beans you may be interested in
You only have to look at these shysters to know its all watered down legislation ,cant upset their corporate masters .coveney promised anti curruption legislation ,like endas great democratic revolution,its all disappeared in in the great rotten corridors of power,
When the ODEC was ineffective as a state agency, I don’t see how it can be more effective as an independent agency.
@Cindy Crawford: #1 can more easily fire inept employees
#2 can expect more productivity and quality from employees
#3 no interference from other state bodies
@Matt Connolly: Is that a joke?
Too little to late by our usual inept, incompetent agents of the state, and down right loose regulation and sanction promoting vested interest politicians etc. More Of Michael Noonan’s, Viradker’s And Donoghue’s. All Style and No Substance as usual !!!
Setup to Fail. Nothing more and nothing less..the horses have bolted
If you believe this sh€t, you will believe anything.
The politicians are talking about reforming how they deal with while collar crime, but it’s the disgracefully bad culture in our politics that’s facilitating the white collar crime. Hence this announcement is done just for show after the banking controversy last week.
So they never had experts working there? Omfg. No wonder.
Now it will be a private company. Lot less chance of corruption… lmfao
@Kevin Slater: They won’t be a private company, they will just be independent of the State like the Central Bank or Guards.
@Lisa Saputo: and the two examples you have provided are shining beacons globally no less in how to run an efficient and value add organisation with no political interference whatsoever.
Please minister can I have the ” chief commissioner’s job or maybe I could be one of the other two chiefs, Ah Ya gave it them jobs to some of your friend assure that fine then,
It is not only the ODCE which is and was unfit for purpose.
So too are the Central Bank of Ireland, the CCPC, previously Competition and Consumer Protection, the FSO, and the consumer protection supervisory regime.
You have greater legal protection buying a second hand fridge than in taking out a housing loan as defined by the Consumer Credit Act, 1995 as amended.
@Fiona deFreyne: Ireland is too small to implement accountability. If white collars and public servants we’re accountable for their actions the banks would pull out and there would be a very high turnover of staff everywhere. Long ques to the 4 courts and the lawyers would be the only winners.
We need to look towards Britain for answers.
The gov, who are profusely corrupt themselves, giving the regulation of white collar crime a major overhaul. Of course if it applied to themselves, there’d probably be no more FF and FG. The country can do without their daily blatant lies and multi million euro spin units.
Jesus leo just do something about it as the Irish people are rightly pissed off at this stage.
@”": Don’t be silly, Leo has a failed rugby World Cup to fight for. He hasn’t got time to listen to the likes of “people”.
@Arnold Lane: and of course the choice of socks is paramount to the running of the country
Alas! – too late after ‘prize’ horses bolted – with all their ‘winnings’ – ‘punters’ cleaned out! – and no stewarts enquiry!
This country is a joke. Bankers are ruling this land, they are laughing at you all the way looking how useless your Central Bank and Muppet government. This never gonna stop or change. Sad.
It’s akin to watching everyone in the land get murdered and then the last man standing declaring that murder is now illegal.
Too late…..way too late.
we really are clowns , same response to useless Garda , useless central bank, useless regulators, we’ll fix it… as George Bush one said “There’s an old saying in Tennessee — that says, fool me once, shame on you. Fool me — you can’t get fooled again.” were that stupid.
Stable door
So are TD unvouched expenses going to be monitored under this shiney new unit or are they exempt as usual.
Teflon Seanie , does his wife still own their house?
Seanie fitz is being made a scapegoat for political incompetence. He didn’t manage to do it all on his own! But our lousy politicians would throw anybody under a bus to save themselves.
But what about the time 30 years ago when Joe Bloggs put his hand on my arse and talked dirty to me? Sweet MOJ we are chattel to the financial markets from even before we are born and these clowns are wallowing in the poor me I’m a victim, wake up to the real world we are being bought and sold by the people who supposedly represent us.
Sean Fitzpatrick would be a good man to head it ,Poacher turned Gamekeeper
@Brian O Reilly: After being plucked for Christmas lol.
It’s always better to build the shed after the horse has bolted. Big shout out to seany who is probably reading this as I type, while llounging at home having a small aper”thief” to wind down while at the same time breaking his rear end laughing at the whole set up. Meanwhile over at Garda HQ they are busy having a game of who can guess the weight of paidi, the man who looks after traffic stats! Banana Republic.
Too busy over at Garda HQ having a game of guess what number fat paidi will announce for this quarters traffic stats. I’m sure the bankers are enjoying aper”thief’s” while reading this, breaking their rear laughing at the whole thing.
Rich men make laws for poor men, Poor men don’t make laws for rich men.
Always was always will be
O the things I would like to write about those evil greedy sods but can’t, at least there is Hell for them. Remembering the tax collectors at the time of Christ, these people are worse…
Galling and hilarious at the same time. All of the offices of prosecution in this country are completely politically controlled by FFG. And yet, what do they have to fear from the sophisticated electorate?
So by failing, the department will receive more money, the incentive is clear now.
have your say