New milestone law will see CEA crack down on larger scale and more complex breaches of company law
Minister of State with responsibility for Company Law, Robert Troy TD, welcomed the passing of the Companies (Corporate Enforcement Authority) Bill 2021 through all legislative stages in the Houses of the Oireachtas last night. The Bill will now be sent to the President for his signature and enactment into law.
The landmark Bill will transform the Office of the Director of Corporate Enforcement (ODCE) into a statutory and independent agency entitled the Corporate Enforcement Authority with additional resources to investigate and prosecute white collar crime.
Announcing the passage of the Bill, Minister Troy said:
“Corruption and white-collar crime damage our economy, breed cynicism in our society and are a threat to our international reputation. It is essential that the State and its agencies have all the powers possible to clamp down and prevent white-collar crime.
“I therefore am pleased to announce that the Companies (Corporate Enforcement Authority) Bill 2021 has now successfully passed all stages in both Houses of the Oireachtas, where it received broad support, and will shortly become law. Once enacted, this Bill will be a milestone in the area of corporate enforcement in Ireland.
“This legislation is a significant first step to strengthen and transform the Office of the Director of Corporate Enforcement into the new Corporate Enforcement Authority. Once established the CEA will have more autonomy and resources to investigate suspected wrongdoing and to deal with larger, more complex investigations.”
He concluded:
“A significant amount of work has been done in the last year to develop the legislation. Delivering the Bill before the end of the year would not have been possible were it not for the support of all members of the Oireachtas. Government will continue work in this area, with additional criminal justice powers currently under development to enable all our investigative agencies to have the required powers to tackle economic crime.”