Measures Combating Financial Crime in the spotlight

On the back of the Council of Europe’s (GRECO) Fourth Evaluation Report, Ireland’s unsatisfactory compliance position (in providing effective preventive measures to combat corruption viz. ‘politicians, judges and prosecutors…’), it has been announced that the long anticipated anti-corruption legislation (Criminal Justice (Corporate Offences) Bill) will be published ‘very soon.’

The consolidation of these various acts (very much replicating the experience of the UK in replacing its largely Victorian-era legislation with the UK Bribery Act 2010) will inevitably see the need for a sharper focus (and attendant Financial Crime Programme measures) on behalf of Industry participants. If the experience of the UK is instructive, this will prove to be a highly serious undertaking for market practitioners…