Darren O'Rourke (Meath East, Sinn Fein) | Oireachtas source

The Bill is welcome because it seeks to tackle aspects of white-collar crime, corruption, fraud, tax evasion and specific offences against the EU's financial interests. We know the complex VAT fraud and what are known as carousel fraud operations have used shell companies and banks here. Of course, they have been unwittingly involved, but criminal enterprises have used Irish banks to commit serious offences. Therefore, it is right that Ireland plays its part as a member state and implements this legislation in order to give effect to the EU directive. We know that these types of crimes cost EU taxpayers billions of euros every year. It is important that we do all we can to prevent this. Successive governments have been reluctant to strengthen our domestic white-collar crime legislation but, as my colleague mentioned, the legislation to overhaul the ODCE is undergoing pre-legislative scrutiny, which is very welcome.

The reform of the ODCE is much needed and well overdue. Sinn Féin has been consistent in its criticism of the hands-off approach of the Government to white-collar crime here. It is scandalous that ten years after the bank bailout, the need for which arose as a result of the reckless behaviour of banking executives, the agency tasked with monitoring compliance with company law has a staff of just 44. The need for a total overhaul of the ODCE came to the fore in 2017 when the trial of the former chairman of the Anglo Irish Bank collapsed due to nature and performance of the investigation of the ODCE. At the time, Justice Aylmer said that the investigation carried out by the ODCE fell short of an unbiased, impartial and balanced investigation to which the accused in any case is entitled. The coaching of witnesses in respect of their statements, the late disclosure of documents, a perceived bias on the part of ODCE investigators and the shredding of documents were all cited as reasons that the trial of the accused could not be considered to be fair. It was, in effect, a damning indictment of the State's apparatus to investigate and prosecute white-collar crime. Almost four years on, however, we are still waiting for the new overhauled agency. The limited staff, funding and powers conferred on the ODCE over decades epitomises the lack of interest that Fine Gael and Fianna Fáil have in tackling white-collar crime. I look forward to the overhaul of the ODCE. We will seek to ensure that this office has the full capability it needs to pursue and prosecute white-collar criminals.

The Bill before us is welcome because it provides more protections for EU taxpayers in the context of fraud and misappropriation.

The need for our laws in this area to be regularly updated was highlighted by a case involving Meath County Council a couple of years ago. I was a member of that local authority at the time. The council was a victim of what is known as CEO fraud, whereby large sums are transferred online to criminals on foot of a bogus instruction in the name of a company chief executive. Fortunately, the €4.3 million involved in that case was recovered when the money was frozen in a bank account in Hong Kong after the Garda interrupted the operation. That and other cases highlight the need for regular reviews of our laws to take account of new forms of fraud and cybercrime. They also highlight the importance of working with international colleagues due to the nature of sophisticated online crime.

I welcome the Bill but I ask that the Minister for Justice to further strengthen and update domestic legislation to tackle white-collar crime and to ensure that white-collar criminals face the full legal consequences of their actions, which many have escaped to date.

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