Office of Protected Disclosures Commissioner Receives Reports on Corporate Fraud, Anti-Money Laundering, Bribery and Corruption
The Office of the Protected Disclosures Commissioner (PDC) has received reports related to various sectors regarding corporate fraud, anti-money laundering, bribery, and corruption.
Corporate Fraud
According to sources, the PDC has identified several instances of corporate fraud, including a recent case involving Dentons. In this case, the High Court ruled that financial institutions holding bank accounts under receivership must provide detailed information on transactions to the receiver. This ruling highlights the importance of appointing a receiver at the post-judgment stage of proceedings to access crucial information and documents.
Anti-Money Laundering
The PDC has also received reports on anti-money laundering efforts, particularly following the suspension of public access to the Register of Beneficial Owners (Register) in Ireland due to a European Court of Justice decision. The Register is now only accessible by Competent Authorities and Designated Persons, including:
- An Garda Síochána
- Revenue Commissioners
- Certain authorized individuals from the Central Bank of Ireland
Bribery and Corruption
Regarding bribery and corruption, the PDC has received reports on the activities of the Corporate Enforcement Authority (CEA), which was established in August 2022 to investigate and enforce company law offences. The CEA has brought several enforcement actions against individuals for breaching the Companies Act, including:
- False filing of office records
The PDC has also received reports on alleged insider trading by the Garda National Economic Crime Bureau (GNECB) and regulatory breaches by financial institutions, including a recent fine imposed on Bank of Ireland for its role in the tracker mortgage scandal.
Sanctions Imposed by the EU
In addition to these reports, the PDC has received information on sanctions imposed by the EU against Russia and its supporters in the war against Ukraine. The latest round of sanctions includes an “anti-circumvention tool” to restrict the sale and export of specified goods and technology to certain countries deemed at risk of circumventing sanctions.
Conclusion
The Office of the Protected Disclosures Commissioner will continue to monitor these reports and take appropriate action to protect whistleblowers and prevent corporate fraud, anti-money laundering, bribery, and corruption.