Financial Crime World

White Collar Crime in Ireland: Recent Developments and Trends

Establishment of the Corporate Enforcement Authority (CEA)

In July 2022, the CEA was established as an independent statutory agency, replacing the Office of the Director of Corporate Enforcement (ODCE). The CEA investigates and prosecutes breaches of Irish company law. It has brought a number of prosecutions in 2023, including against individuals for offences such as fraud and provision of false information.

Role of Other Regulators

While the Director of Public Prosecutions (DPP) is responsible for prosecuting serious criminal offences on indictment, most Irish regulators have the power to investigate and prosecute summary offences within their remit. The Environmental Protection Agency, Health and Safety Authority, and Central Bank of Ireland (CBI) have a track record of commencing prosecutions.

Recent Prosecutions

  • Direct Marketing: The IDPC has successfully prosecuted companies for breaching rules on direct marketing.
  • Insider Dealing: A businessman pleaded guilty to insider dealing under Regulation 5 of the Market Abuse Regulations and Section 1368 of the Companies Act 2014, following a referral from the CBI to the Garda National Economic Crime Bureau.

Key Developments

  • The continued and increasing regulation of technology imposes additional risk of liability to criminal sanction and enforcement for companies and directors across all industry sectors.
  • AI, content regulation, data privacy, and cyber-attacks are becoming central and recurring agenda items for corporate boards.
  • The financial and reputational consequences arising from compliance failures in these areas are too great to be ignored.

Future Developments

  • Online Safety and Media Regulation Act 2022: The Online Safety and Media Regulation Act 2022 has introduced new regulations on broadcasting providers, video-on-demand providers, and video sharing platforms (including certain social media platforms).
  • Comisiúin na Meán: Comisiúin na Meán will oversee compliance with these regulations and can prosecute summary offences under the Act.
  • Central Bank (Individual Accountability Framework) Act 2023: The Central Bank (Individual Accountability Framework) Act 2023 introduces significant regulatory reform with the ultimate objective of driving improved governance and accountability within the financial services sector.

This article was first published by the Legal 500 In House Lawyer Magazine (Winter 2024 Edition). For more information, please contact Julie Murphy-O’Connor, Karen Reynolds, Connor Cassidy, or your usual Matheson contact.