Ireland will move further away from its perceived "light
touch" regulatory regime if recommendations made by the Law
Reform Commission (LRC) in a recent report are implemented.
The extensive report recommends sweeping reforms of the
regulation of corporate and financial crime in Ireland, with over
200 recommendations set out in its 800 pages. While this may be an
indication of what is to come in this area, Government support and
legislative change will be required to bring any of the
recommendations into effect.
KEY RECOMMENDATIONS:
1. Establishment of a New Corporate Crime Agency
One particular recommendation that seems likely to be
implemented is the creation of a new independent corporate crime
agency to combat corporate crime. The LRC recommends that this
agency be staffed by a mix of experienced inter-disciplinary
personnel, including forensic accountants, Revenue Commissioners
officials, members of An Garda Síochána (the Irish
police) and criminal law
