New Legislation to Combat White Collar Crime

Author:Ms Paula Kelleher
Profession:Dillon Eustace

Funds Quarterly Legal And Regulatory Update Q4 2011 FD

On 9 August 2011, the main provisions of the Criminal Justice Act 2011 (the "Act"), came into operation, namely Part 1 (other than Section 5), Section 7 (other than paragraph (c)) and Section 8 of Part 2, Part 3 and Schedules 1 and 2.

The Act provides protection for whistleblowers, extends the Garda Sióchána's powers of investigations into suspected breaches and creates a wide range of "serious and complex offences", which attract a penalty of at least five years' imprisonment, in the following areas:-

banking, investment of funds and other financial activities; company law; money laundering and financing terrorism; theft and fraud; bribery and corruption; competition and consumer protection; cybercrime; and the raising and collection of taxes and duties. The comprehensive nature of the offences covered by the Act demonstrates a commitment to vigorously pursue white-collar crime.

The Act makes provision for the following:-

the suspension of detention periods of arrested persons on up to two occasions, for not more than four months from the date on which the detention was first suspended, if the Gardaí have reasonable grounds to believe this is necessary to conduct further investigations in order to make more effective use of detention periods; District Court order may require the subject to furnish the Gardaí with...

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