Regulatory Powers And Corporate Offences – Key Changes Suggested By The Law Reform Commission.

The Law Reform Commission ("LRC") published yesterday (23 October 2018) its report on "Regulatory Powers and Corporate Offences". The report is extensive running to over 800 pages (including draft legislation at the Appendix) and recommends an overhaul of the current regimes in place to tackle regulatory breaches and white collar crime. Eight "financial and economic regulators" are covered by the report¹.  This article focuses on four of the proposals made by the LRC - legislative change will be required in order for any of the LRC's proposals to come into effect.

Establishment of a Corporate Crime Agency

The LRC commented on the difficulties which were encountered in the prosecution of some criminal cases following the banking crisis (e.g. lack of experience in dealing with large scale criminal investigations and lack of resourcing) and have recommended that a multi-disciplinary Corporate Crime Agency should be established "without any undue delay."